7 . Price-discriminating monopolist Raphael owns a plot of land in the desert that isn't worth much. One day, a giant meteorite falls on his property, making a large crater. The event attracts scientists and tourists, and Raphael decides to sell nontransferable admission tickets to the meteor crater to both types of visitors: scientists (Market A) and tourists (Market B). The following graphs show daily demand (D) curves and marginal revenue (MR) curves for the two markets. Raphael's marginal cost of providing admission tickets is zero. Market A Market B 20 20 18 18 16 16 PRICE (Dollars per ticket) PRICE (Dollars per ticket) 10 Co N N MR DA MRB 0 4 5 6 8 9 10 2 6 7 8 9 10 QUANTITY (Admission tickets) QUANTITY (Admission tickets)Suppose now that Raphael decides to charge a different price in each market. To maximize revenue, Raphael should charge | $ per admission in Market A and | $ per admission in Market B. At these prices, he will sell a total quantity of admission tickets per day. Complete the following table by calculating Raphael's total revenue from selling in a market under the discriminatory price policy. Total Revenue Pricing Policy (Dollars) high Discriminatory low Raphael charges a lower price in the market with a relatively price elasticity of demand