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Magazine Problem 12
Hot Air Balloon Rides is a single-price monopoly. Columns 1 and 2 of the table set out the market demand schedule and columns 2 and 3 set out the total cost schedule. $$\begin{array}{ccc} \begin{array}{c} \text { Price } \\ \text { (dollars } \\ \text { per ride } ) \end{array} & \begin{array}{c} \text { Quantity } \\ \text { (rides } \\ \text { per month) } \end{array} & \begin{array}{c} \text { Total cost } \\ \text { (dollars } \\ \text { per month) } \end{array} \\ \hline 220 & 0 & 80 \\ 200 & 1 & 160 \\ 180 & 2 & 260 \\ 160 & 3 & 380 \\ 140 & 4 & 520 \\ 120 & 5 & 680 \end{array}$$ Construct Hot Air's total revenue and marginal revenue schedules.
Problem 14
Hot Air Balloon Rides is a single-price monopoly. Columns 1 and 2 of the table set out the market demand schedule and columns 2 and 3 set out the total cost schedule. $$\begin{array}{ccc} \begin{array}{c} \text { Price } \\ \text { (dollars } \\ \text { per ride } ) \end{array} & \begin{array}{c} \text { Quantity } \\ \text { (rides } \\ \text { per month) } \end{array} & \begin{array}{c} \text { Total cost } \\ \text { (dollars } \\ \text { per month) } \end{array} \\ \hline 220 & 0 & 80 \\ 200 & 1 & 160 \\ 180 & 2 & 260 \\ 160 & 3 & 380 \\ 140 & 4 & 520 \\ 120 & 5 & 680 \end{array}$$ Find Hot Air's profit-maximizing output and price and calculate the firm's economic profit.
Problem 16
Hot Air Balloon Rides is a single-price monopoly. Columns 1 and 2 of the table set out the market demand schedule and columns 2 and 3 set out the total cost schedule. $$\begin{array}{ccc} \begin{array}{c} \text { Price } \\ \text { (dollars } \\ \text { per ride } ) \end{array} & \begin{array}{c} \text { Quantity } \\ \text { (rides } \\ \text { per month) } \end{array} & \begin{array}{c} \text { Total cost } \\ \text { (dollars } \\ \text { per month) } \end{array} \\ \hline 220 & 0 & 80 \\ 200 & 1 & 160 \\ 180 & 2 & 260 \\ 160 & 3 & 380 \\ 140 & 4 & 520 \\ 120 & 5 & 680 \end{array}$$ If instead of taxing Hot Air's profit, the government imposes a sales tax on balloon rides of \(\$ 30\) a ride, what are the new profit-maximizing quantity, price, and economic profit?
