(solution) The following data reveal how much each consumer is willing to

The following data reveal how much each consumer is willing to pay for an Alaskan cruise:

 Amy \$900 Ed \$2,000 Bob \$1,100 Gigi \$1,300 Carol \$1,500 Hugo \$1,800 Eduardo \$400 Isabelle \$1,500

(a) Draw the market demand for these eight consumers on the accompanying graph.

Instructions: Use the tool provided to draw the market demand curve (Dmarket) based on the data in the table above. Include each price-quantity combination (i.e., the line should contain 8 reference points).

(b) If the cruise costs \$1,000, how many passengers will there be?

 One passenger Two passengers Three passengers Four passengers Five passengers Six passengers Seven passengers Eight passengers

(c) If the cruise costs \$1,000, how much total revenue will be collected?

Instructions: Enter your response as a whole number.

\$

(d) If the price of the cruise is \$1,000, what is the total value of consumer surplus enjoyed by those passengers?

\$

(e) If the cruise ship could perfectly price discriminate for all eight passangers, how much more revenue could it take in compared to when there is a uniform price of \$1,000?

\$

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This question was answered on: Jan 30, 2021

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