The Andersons have the following demand for tennis court time: ++ P (S/hour) Q (hours/week) 30...

 

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The Andersons have the following demand for tennis court time: ++ P (S/hour) Q (hours/week) 30 1 20 2 10 5 0 3 4 4 a. What is the maximum that they are willing to pay for 1) one hour/week; 2) 2 hours/week; 3) 3 hours/week; 4) 4 hours/week? [2 pts] b. What is their consumer surplus if the market price is 1) $15; 2) $8? [2 pts] The tennis court management company is thinking of letting members play as much tennis as they wish for a flat weekly fee with no hourly rental. What is the maximum weekly fee the Andersons would be willing to pay? [hint: what is the maximum number of hours the Andersons would want to play every week? What is the maximum amount that they are willing to pay for that amount of hours?] [2 pts] The Andersons have the following demand for tennis court time: ++ P (S/hour) Q (hours/week) 30 1 20 2 10 5 0 3 4 4 a. What is the maximum that they are willing to pay for 1) one hour/week; 2) 2 hours/week; 3) 3 hours/week; 4) 4 hours/week? [2 pts] b. What is their consumer surplus if the market price is 1) $15; 2) $8? [2 pts] The tennis court management company is thinking of letting members play as much tennis as they wish for a flat weekly fee with no hourly rental. What is the maximum weekly fee the Andersons would be willing to pay? [hint: what is the maximum number of hours the Andersons would want to play every week? What is the maximum amount that they are willing to pay for that amount of hours?] [2 pts]

Answer rating: 100% (QA)

Based on the table Approximate equation is Regression line equation P385391... View the full answer