Profit-Maximizing Price Assignment | Homework For You

1.    If Playland charged everyone same flat uniform price per ride (no entry fee; each ride has to be ticketed),

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a.    what is the profit-maximizing price ($ per ride)?

b.    what is its profit on an average day ($ per day)? Assume zero fixed cost.

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2.    If Playland charged everyone one flat uniform price per ride (no entry fee) for guests 48″ or taller and another flat uniform price per ride (no entry fee; each ride has to be ticketed) for guests under 48″,

a.    what is the profit-maximizing price PO for guests 48″ or taller ($ per ride)?

b.    what is the profit-maximizing price PJ for guests under 48″ ($ per ride)?

c.    what is Playland’s profit on an average day ($ per day)? Assume zero fixed cost.

Playland at Pacific National Exhibition is an amusement park offering 31 different rides (including 4rollercoasters and 1 water ride). The guests who are 48” or taller can go on any ride they want and so theyget more value from visiting the park; let us say their individual demand is given by P = 5 — 0.25qo,Where P is the price per ride ($ per ride) and {m is the number of the rides (per day) (the subscript 0stands for “One Day;” that’s how the park calls its passes for the guests who are 48” or taller). 

The guestswho are under 48” are not allowed on certain rides so they get less value from visiting the park; let us saytheir individual demand is given by P = 4 — 0.25gp, where P is the price per ride (36 per ride) and g; is thenumber of the rides (per day) (the subscript J stands for “Jr. One Day;” that’s how the park calls its passesfor the guests under 48”). Assume it costs the park flat {:25 per guest to operate a single ride, and it coststhe park flat ¢75 to issue a single ticket to a ride. Assume there are 500 guests 48” or taller and 500 guests under 48” on an average day. We can consider Playland a monopolist in Vancouver. Gets Economics homework help today

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