5)Given the price revisions of the two theme parks here, by the economics knowledge that you have learnt in the course, evaluate on the revisions, which theme park is smarter when the consideration is to enhance the total revenue of the park (state the assumptions justifiable for supporting your arguments). (Word limit: 200)(9%) (6)From the ticket prices now available (see above table) at Ocean Park, it seems that uniform pricing, i.e. charging a single price to all is not ideal. Basing on the economic concepts/theories that you have learnt in the course, what do you think the rationale behind,a. From the standpoint of Ocean Parkb. In the aspect of economic efficiency (use a diagram to show the point)(8%)(7)The new Ocean FasTrack (Standard, Deluxe, Grand) is available for both children and adults at HK$280, HK$400 and HK$520 respectively. These FasTrack can enable holders enjoy priority accesses for designated rides and attractions with shorter queues but available at limited quotas. From what you have learnt in the course, explain why Ocean Park has such practicesa.FasTrack launchingb. limited quotas(10%)(8) It is believed the present capacity of Ocean Park is well-sufficient in accommodating the heaviest flow of visitors at ease. And the annual visitors to the park fell to 5.7 million in 2019 having topped at 7.5 million a few years previously. Draft, with an illustration of the various cost concepts, the average total cost (ATC) curve which is most relevant and locate the point where the park has been operating at.(7%)(9) Consecutive losses of Ocean Park since 2016 and steadily losing visitors expose the park to the risk of forced closure in June if without the rescue money from the government. Basing on the economic concepts/theories that you have learnt in the course and the information given here, explain why it has to close?(6%)1

Ocean Park and Disneyland are the two theme parks in Hong Kong. They deemed to be so different in their theme and attractions that they are not substitutes to one another. The two theme parks have their 1-day ticket prices revised upward in 2019 as in the following: Theme Park Ticket Was Now Ocean Park Adult HK$480 HK$498 (Ages 12 or above) Child HK$240 HK$249 (Ages 3 - 11) Senior (Ages 65+) Free of Charge Free of Charge Disneyland General Admission HK$619 HK$639 (Ages 12 -64) Child HK$458 HK$475 (Ages 3 - 11) Senior (Ages 65+) HK$100 HK$100 (5) Given the price revisions of the two theme parks here, by the economics knowledge that you have learnt in the course, evaluate on the revisions, which theme park is smarter when the consideration is to enhance the total revenue of the park (state the assumptions justifiable for supporting your arguments). (Word limit: 200) (9%) (6 From the ticket prices now available (see above table) at Ocean Park, it seems that uniform pricing, i.e. charging a single price to all is not ideal. Basing on the economic concepts/theories that you have learnt in the course, what do you think the rationale behind, a. From the standpoint of Ocean Park b. In the aspect of economic efficiency (use a diagram to show the point) (8%) (7) The new Ocean FasTrack (Standard, Deluxe, Grand) is available for both children and adults at HK$280, HK$400 and HK$520 respectively. These FasTrack can enable holders enjoy priority accesses for designated rides and attractions with shorter queues but available at limited quotas. From what you have learnt in the course, explain why Ocean Park has such practices a. Fas Track launching b. limited quotas (10%) (8) It is believed the present capacity of Ocean Park is well-sufficient in accommodating the heaviest flow of visitors at ease. And the annual visitors to the park fell to 5.7 million in 2019 having topped at 7.5 million a few years previously. Draft, with an illustration of the various cost concepts, the average total cost (ATC) curve which is most relevant and locate the point where the park has been operating at. (7%) (9) Consecutive losses of Ocean Park since 2016 and steadily losing visitors expose the park to the risk of forced closure in June if without the rescue money from the government. Basing on the economic concepts/theories that you have learnt in the course and the information given here, explain why it has to close? (6%)