please do the questions and the chocies for the last question is (high, low) thankyou!! Yakov owns a plot of land in the desert that isn't worth much. One day, a giant meteorite falls on his property, making a large crater. The eventattracts scientists and tourists, and Yakov decides to sell nontransferable admission tickets to the meteor crater to both types of visitors: scientists(Market A) and tourists (Market B). The following graphs show daily demand (D) curves and marginal revenue (MR) curves for the two markets.Yakov's marginal cost of providing admission tickets is zero.Market AMarket B2020181816161414121210104DAMR. Pa3 6 9 12MR312 15 1821242730151821242730QUANTITY (Admission tickets)QUANTITY (Admission tickets)Suppose now that Yakov decides to charge a different price in each market. To maximize revenue, Yakov should charge $per admission inMarket A and$per admission in Market B. At these prices, he will sell a total quantity of|admission tickets per day.Complete the following table by calculating Yakov's total revenue from selling in a market under the discriminatory price policy.Total RevenuePricing Policy(Dollars)DiscriminatoryYakov charges a higher price in the market with a relativelyprice elasticity of demand.PRICE (Dollars per ticket)PRICE (Dollars per ticket)2.

First blank answer is $10 per admission in market A (as monopolist firm will maximize revenue by…

Yakov owns a plot of land in the desert that isn't worth much. One day, a giant meteorite falls on his property, making a large crater. The event attracts scientists and tourists, and Yakov decides to sell nontransferable admission tickets to the meteor crater to both types of visitors: scientists (Market A) and tourists (Market B). The following graphs show daily demand (D) curves and marginal revenue (MR) curves for the two markets. Yakov's marginal cost of providing admission tickets is zero. Market A Market B 20 20 18 18 18 18 14 14 12 12 10 10 DA MR. MR O 3 6 9 12 15 18 21 24 27 30 3 0 9 12 15 18 21 24 27 30 QUANTITY (Admission tickets) QUANTITY (Admission tickets) Suppose now that Yakov decides to charge a different price in each market. To maximize revenue, Yakov should charge S per admission in Market B. At these prices, he will sell a total quantity of per admission in Market A and S admission tickets per day. Complete the following table by calculating Yakov's total revenue from selling in a market under the discriminatory price policy. Total Revenue Pricing Policy (Dollars) Discriminatory Yakov charges a higher price in the market with a relatively price elasticity of demand. PRICE (Dollars per ticket) PRICE (Dollars per ticket)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter13: best-practice Tactics: Game Theory

Section: Chapter Questions

Problem 1E