The following data reveal how much each consumer is willing to pay for an Alaskan cruise:
(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?
(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?
This question was answered on: Jan 30, 2021
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Jan 30, 2021EXPERT
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