Refer to the figure. Suppose the graphs represent the demand for use of a local golf course for which there is no significant competition (it has a local monopoly); P denotes the price of a round of golf; Q is the quantity of rounds "sold" each day. If the left graph represents the demand during weekdays and the right graph the weekend demand, then over the course of a full seven-day week this price-discriminating, profit-maximizing golf course should sell a total of:
A. 300 rounds.
B. 740 rounds.
C. 900 rounds.
D. 1,200 rounds.
D. 1,200 rounds.
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If businesses spend an additional $150 billion for investment projects in 2010, what will be the impact on national income (Y) if the multiplier is 2?
A. Y will increase by $50 billion. B. Y will increase by $150 billion. C. Y will increase by $300 billion. D. Y will increase by $450 billion.
Goods with few available substitutes tend to have inelastic demand curves
a. True b. False Indicate whether the statement is true or false
As price declines, quantity supplied
A. rises. B. falls. C. remains the same.
An individual deposits $12,000 in a commercial bank. The bank is required to hold 10 percent of all deposits on reserve at the regional Federal Reserve Bank. The deposit increases the loan capacity of the bank by:
A. $9,600. B. $11,000. C. $6,000. D. $10,800.