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(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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