ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Paradise Cruises has a monopoly in renting luxury yachts for sailing in the Caribbean Sea. In summer its monthly inverse demand is In winter the inverse demand is Ps = 400-2Qs. Pw = 400-Qw. Paradise has a total of 150 yachts available for rental on a monthly basis. Which season is peak season? Why? What are the profit-maximizing prices in both seasons? Assume marginal cost is zero. Peak season is winter because demand is higher. The profit-maximizing peak-load price for the summer is Ps = $ and the optimal peak-load price for the winter is PW = $ (Enter your response rounded to two decimal places.)
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Transcribed Image Text:Paradise Cruises has a monopoly in renting luxury yachts for sailing in the Caribbean Sea. In summer its monthly inverse demand is In winter the inverse demand is Ps = 400-2Qs. Pw = 400-Qw. Paradise has a total of 150 yachts available for rental on a monthly basis. Which season is peak season? Why? What are the profit-maximizing prices in both seasons? Assume marginal cost is zero. Peak season is winter because demand is higher. The profit-maximizing peak-load price for the summer is Ps = $ and the optimal peak-load price for the winter is PW = $ (Enter your response rounded to two decimal places.)
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Step 3: Profit maximization peak load price in Winter
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