We can work on Monopoly Problem

1880 Town is a tourist attraction in Midland, SD. Owners of this attraction have collected buildings built

between 1880 and 1920, filled them with antique furniture and collectibles, and charge admission for

tourists to experience history. Because of the exclusivity and location 1880 Town, this tourist attraction

enjoys a measure of monopoly power.

Suppose you run a tourist attraction similar to 1880 Town. After running some tests with pricing, you have

formulated a daily demand schedule for admission as given. In addition to tracking demand at various

price levels, you also monitor costs closely.

a) Using the demand schedule provided, find total revenue and marginal revenue at each point.

b) Using total costs, find marginal costs at each point. (Just as marginal revenue is the change in total

revenue divided by a change in Q, marginal cost is the change in total cost divided by a change in Q.)

c) How much should you charge for entrance to the tourist attraction and how many visitors do you expect

to have?

d) What is profit at this point?

Sample Solution

Industrialism: The Scourge of Modern Society GuidesorSubmit my paper for examination 7501013a2ca64e6c3b7740c361abe920Residents of a prosperous nation need to go no farther than a grocery store to get all they have to carry on with a manageable life. This is without a doubt an advantage of living in an industrialist society; in any case, there is likewise a flip side to which numerous researchers and logicians call consideration. This is the belief system of industrialism, which is regularly encapsulated in a shopper’s desire to buy merchandise in ever-more prominent sums, regardless of whether those products are not required. Industrialism is upheld by makers who put forth a valiant effort to offer their items by urging individuals to purchase to an ever increasing extent. A case of this is the cell phone advertise. As indicated by Pulitzer-Prize-winning American creator Anna Quindlen, “An individual in the United States replaces a PDA at regular intervals, not on the grounds that the mobile phone is old, but since it is oldish” (2008, para. 6). Because of this commercialization, the more individuals need and purchase, the less they welcome the estimation of their assets. One of the most impressive powers that add to the advancement of commercialization is the ubiquitous publicizing in industrialist social orders. Promoting is a basic part in the advertising methodology of any item, and yet, it influences the human brain. Ads depict items as vital articles that are required to keep one’s social personality secure. In this way, they don’t speak to needs, however rather make a requirement for extravagance merchandise. Various print and TV promotions convince potential clients that it is a Gucci sack, a Calvin Klein dress, or a couple of Jimmy Choo shoes that characterize their character and character—not the individual qualities they have. The adolescent are presumably the most powerless objective of sponsors. Adults can regularly recognize what they require and don’t require; be that as it may, youngsters will in general be less fit for basic reasoning. Since their reality is made by their desires to stay aware of present day drifts and gain the most forward-thinking devices, they are simpler to control (Schor, 2004, p.11). Quindlen (2008) gives an ideal case of this control. She admits that TV publicizing “made [her] need a Chatty Cathy doll to such an extent as a child that when [she] saw her under the tree [her] head nearly detonated” (para. 3). Then again, publicizing isn’t the main marvels liable for the expanding quantities of individuals fixated on the need to purchase new things. Advertisers have started to contrast purchasers with bugs, “You splash them and shower them and they get resistant sooner or later” (From Consumerism to Personal Bankruptcy, n.d., para. 10). This alludes to how notices barely affect the vast majority any longer. While commercials are overwhelming, in the event that they were that compelling, individuals would surge stores to buy the publicized items in higher numbers than effectively present. Another motivation behind why the possibility of lasting procurement of products has gotten predominant in the brains of numerous individuals, the two grown-ups and young people, is the absence of abilities important to keep up their own assets. Since they didn’t win it themselves, the adolescent are regularly unconscious of the estimation of cash; they request that their folks fulfill the wants imparted in them by publicizing. As indicated by a study intended to gauge kids’ information about monetary administration directed in the United States by the foundation association Jump$tart Coalition, review takers scored a normal of 52 percent. This rate demonstrates a powerless consciousness of the use of cash (From Consumerism to Personal Bankruptcy, n.d., para. 16). Indeed, even grown-ups would prefer to spend their discretionary cashflow on another suit or an excessive occasion than spare it. Then again, numerous college and secondary school understudies participate time employments as graders or teachers’ aides not exclusively to expand their insight, yet additionally to figure out how to utilize their well deserved money competently. Grown-ups’ income have hit an untouched low because of the downturn, and a large number of them are currently attempting to control their use and pay off their obligations. These components debilitate the aberrant connection between poor budgetary administration and industrialism. Additionally worth considering is the yearly decrease in the quantity of individuals who need to set aside their cash for what’s to come. In the event that buyers don’t set aside their cash, they will clearly utilize it to purchase endless pointless products, bringing about commercialization. An article distributed in the Christian Science Monitor affirms, “Americans’ own reserve funds tumbled to – 0.5% a year ago, the first run through since the Depression that the investment funds rate has been negative for a year… it reflects how powerful commercialization has become in the American mind” (para. 3). Another noteworthy figure that plays industrialism is how that individuals’ needs have as of late changed. Before, customers couldn’t buy extravagances since they needed them. Because of inadequate assets, they needed to concentrate on their necessities instead of their needs (From Consumerism to Personal Bankruptcy, n.d., para. 18). Need constrained them to pick what they required most; along these lines, they built up the abilities important to sort their necessities by request of significance. This kept them from encountering the extra pressure associated with taking care of advances and obligations. These days, the appearance of credit offices permit buyers to have a practically boundless opportunities for buying what they needed yet couldn’t manage. Charge cards permit purchasers to have the feeling that they have unlimited money related assets. The main decision individuals need to make currently is the thing that they need to purchase first. This makes the hallucination that attractive items are effectively open; the world is seen as one huge shopping center. Furthermore, as per the article “Dhamma in the time of Globalization” (2008), a normal present day singular “considers oneself to be the inside to pass judgment on the world, regarding others as negligible devices to fulfill one’s objectives.” This mentality has prompted molding a consumerist demeanor towards existence with its critical outcomes. The spreading of the consumerist belief system is encouraged by a mix of various components, among the most critical being an overexposure to publicizing, an absence of aptitudes to keep up monetary assets, and a worldwide move in individuals’ qualities. Intelligently, it along these lines appears there are at any rate two different ways to forestall, or if nothing else delayed down, the further development of this neglectful mentality to life, cash, and merchandise: providing budgetary training to disclose to different age bunches how to design a spending all the more successfully—furthermore, instructing them to look at the mental thought processes of their uncontrolled want for procurement, to perceive what stunts producers and sponsors use to get their crowd’s consideration, and to perceive how they additionally control buyer’s desires and perspective. The advantages of a basic disposition toward setting aside more cash, subsequently decreasing pressure, ought to be accentuated. Showing the adolescent the estimation of cash, alongside the aptitude to recognize their necessities from their needs, would likewise add to framing a solid mentality towards products. A world without commercialization is profoundly far-fetched to happen sooner rather than later, as it is excessively mind boggling of an issue to kill totally. Nonetheless, the downturn that emitted a couple of months prior has colossally affected shopper spending. On the off chance that this pattern of decreased spending proceeds for the following quite a long while, it may invert commercialization’s materialistic deception of life. References: Quindlen, Anna. (2008). Stuff isn’t Salvation. Newsweek. Schor, Juliet. (2004). Destined to Buy: The Commercialized Child and the New Consumer Culture. Scribner. (2013). From Consumerism to Personal Bankruptcy: Its Causes and Its Consequences. Fong and Partners Inc.>

Is this question part of your Assignment?

We can help

Our aim is to help you get A+ grades on your Coursework.

We handle assignments in a multiplicity of subject areas including Admission Essays, General Essays, Case Studies, Coursework, Dissertations, Editing, Research Papers, and Research proposals

Header Button Label: Get Started NowGet Started Header Button Label: View writing samplesView writing samples