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Price Total cost Quantity (tickets per show) Big Top is the only circus in the nation. The table (dollars per ticket) (dollars per show) 1,000 1,600 2,200 2,800 3,400 4,000 4,600 5,200 5,800 sets out the demand schedule for circus tickets and the cost schedule for producing the circus. 20 Calculate Big Top's profit-maximizing price, output, and economic profit if it charges a single price for all tickets. You are constructing a table with total costs ,average total costs, and total revenue. а. 18 00 16 200 14 300 12 400 10 500 8 600 b. When Big Top maximizes profit, what is consumer surplus and producer surplus and is the circus efficient? Explain why or why not. You are constructing a table showing total revenue and marginal revenue. You are also constructing a graph to show consumer surplus and producer surplus the 6 700 4 800 At the market equilibrium, no children under 10 years old attend the circus. Big Top offers children under 10 a discount of 50 percent. How will this discount с. change the consumer surplus and producer surplus? Will Big Top be more efficient by offering the discount to children? No graph is needed just an explanation. IC D:

Price Total cost Quantity (tickets per show) Big Top is the only circus in the nation. The table (dollars per ticket) (dollars per show) 1,000 1,600 2,200 2,800 3,400 4,000 4,600 5,200 5,800 sets out the demand schedule for circus tickets and the cost schedule for producing the circus. 20 Calculate Big Top's profit-maximizing price, output, and economic profit if it charges a single price for all tickets. You are constructing a table with total costs ,average total costs, and total revenue. а. 18 00 16 200 14 300 12 400 10 500 8 600 b. When Big Top maximizes profit, what is consumer surplus and producer surplus and is the circus efficient? Explain why or why not. You are constructing a table showing total revenue and marginal revenue. You are also constructing a graph to show consumer surplus and producer surplus the 6 700 4 800 At the market equilibrium, no children under 10 years old attend the circus. Big Top offers children under 10 a discount of 50 percent. How will this discount с. change the consumer surplus and producer surplus? Will Big Top be more efficient by offering the discount to children? No graph is needed just an explanation. IC D:

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter6: Linear Systems
Section6.8: Linear Programming
Problem 3SC: In Example 3, if the accountant earns a profit of 100 on each individual return and a profit of 175...
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Price Total cost Quantity (tickets per show) Big Top is the only circus in the nation. The table (dollars per ticket) (dollars per show) sets out the demand schedule for circus tickets and the cost schedule for producing the circus. Calculate Big Top's profit-maximizing price, output, and economic profit if it charges a single price for all tickets. You are constructing a table with total costs ,average total costs, and 20 1,000 1,600 2,200 2,800 3,400 4,000 4,600 5,200 5,800 а. 18 100 16 200 14 300 12 400 total revenue. 10 500 600 b. When Big Top maximizes profit, what is consumer surplus and producer surplus and is the circus efficient? Explain why or why not. You are constructing a table showing total revenue and marginal revenue. You are also constructing a graph to show consumer surplus and producer surplus the 700 4 800 At the market equilibrium, no children under 10 years old attend the circus. Big Top offers children under 10 a discount of 50 percent. How will this discount change the consumer surplus and producer surplus? Will Big Top be more efficient by offering the discount to children? No graph is needed just an explanation. d. If Big Top is regulated to produce the efficient output, what is the quantity of tickets sold, what is the price of a ticket, and what would be the consumer surplus? No graph is needed, just an explanation with a calculation of consumer surplus If Big Top is regulated to charge a price equal to average total cost, what is the quantity of tickets sold, the price of a ticket, and economic profit? You need a graph showing price, MC and AC. You need a graph and you have to show deadweight loss f. Draw a graph to illustrate the circus market if regulators set a price cap that enables Big Top to break even. Show the deadweight loss in your graph. с. е.
Transcribed Image Text:Price Total cost Quantity (tickets per show) Big Top is the only circus in the nation. The table (dollars per ticket) (dollars per show) sets out the demand schedule for circus tickets and the cost schedule for producing the circus. Calculate Big Top's profit-maximizing price, output, and economic profit if it charges a single price for all tickets. You are constructing a table with total costs ,average total costs, and 20 1,000 1,600 2,200 2,800 3,400 4,000 4,600 5,200 5,800 а. 18 100 16 200 14 300 12 400 total revenue. 10 500 600 b. When Big Top maximizes profit, what is consumer surplus and producer surplus and is the circus efficient? Explain why or why not. You are constructing a table showing total revenue and marginal revenue. You are also constructing a graph to show consumer surplus and producer surplus the 700 4 800 At the market equilibrium, no children under 10 years old attend the circus. Big Top offers children under 10 a discount of 50 percent. How will this discount change the consumer surplus and producer surplus? Will Big Top be more efficient by offering the discount to children? No graph is needed just an explanation. d. If Big Top is regulated to produce the efficient output, what is the quantity of tickets sold, what is the price of a ticket, and what would be the consumer surplus? No graph is needed, just an explanation with a calculation of consumer surplus If Big Top is regulated to charge a price equal to average total cost, what is the quantity of tickets sold, the price of a ticket, and economic profit? You need a graph showing price, MC and AC. You need a graph and you have to show deadweight loss f. Draw a graph to illustrate the circus market if regulators set a price cap that enables Big Top to break even. Show the deadweight loss in your graph. с. е.
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