7. Problems and Applications Q7 The residents of the town Ectenia all lave economics, and the mayor proposes bullding an economics museum. The museum has a raied cost of $7,400,000 and no verable costs. There are 100,000 town residents, and each has the same demand for museum visits: Q. =10 - P, where P is the price of admission. On the following graph, use green points (triangie symbol) to graph the muscum's average-total-cost curve at the following quantidies:- J, oco wisits. 3,000 visith, 4,000 visits, 6,000 visits, 8,000 visits, and 12,000 visits. Then use the orange Nine (square symbol) to graph the muscum's marginal-cost curve. What kind of market would describe the museum? Natural monopoly Single-price monopoly Perfectly competitive market The mayor proooses financing the museum with a lump+sum tax of $24 and then opening the museum to the public for free. Under this system, each person would visit times. The benefit each person would get from the museum would be can measure the benefit as contumer surplus minus the new tax.) The mayor's anti-tax opponent says the museum should finance itself by charging an admission fee. The lowest price the museum can charge without incurring losses is 53, \$4, and \$5.) At this price, each resident's consumer surplus is (Hint: Find the number of visits and museum profits for prices of $2, Which of the following statements are true? check an that apply, Consumers are worse off with the admission fee than under the mayor's plan. Total societal welfare is better with the admission fee than under the mayor's plan. Revenue per person is the same regardiess of whether an admission fee or the mayor's pian is used