MRL and DL are for low-demand games. MRH and DH are for high-demand games. Based on the graph above, what is the total revenue for both games (high and low demand games) if the price is set at the demand price level?

MRL and DL are for low-demand games. MRH and DH are for high-demand games. Based on the graph above, what is the total revenue for both games (high and low demand games) if the price is set at the demand price level?

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 13CQ: Suppose Erin, the owner-manager of a local hotel projects the following demand for her rooms: a....

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Question

60
50
40
30
20
10
Comerica Park: 42,000 Capacity
10000 20000
MC
30000 40000
DL
DH
MRL MRH
MRL and DL are for low-demand games. MRH and DH are for high-demand games.
Based on the graph above, what is the total revenue for both games (high and low demand games) if the price is set at the low-
demand price level?

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