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Category > Economics Posted 22 Jun 2017 My Price 4.00

An ocean liner has space

An ocean liner has space for up to 2000 passengers on each voyage. There are two market segments: elderly passengers and younger passengers. The demand curve for the elderly market segment is Q1 = 800 – 4P1. The demand curve for the younger market segment is Q2 = 1200 – 3P2. In each equation, Q denotes the number of passengers on a cruise of a given length and P denotes the price per person per day. The marginal cost of serving a passenger of either type is $40 per person per day

 

 

a) Assume that it is illegal for the ocean liner to price discriminate, so that it can charge only a single price P on both types of passengers. Find the price it will charge, and the number of passengers of each type. What will be the producer surplus? (note: round the number of passengers to the closest whole number.) 

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SuperTutor
(15)
Status NEW Posted 22 Jun 2017 03:06 AM My Price 4.00

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