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(9) The following table shows that three types of consumers have different willingness to pay for three classes of tickets. Assume that there are equal

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(9) The following table shows that three types of consumers have different willingness to pay for three classes of tickets. Assume that there are equal number of each type of consumers and cost of all tickets is zero for the sake of solving this question. Willingness to pay for each class of ticket Consumer type Latitude {Y} Flex [M] Tango {T} Business 1000 600 450 Regular 700 500 400 Leisure 500 380 300 Assume that an airline cannot directly identify consumer type. Further assume that it can design a menu of prices, that is, {PY, PM, PT} and let consumers choose among three classes of tickets. Assume that there are enough reyenue management fences among three classes. Find out a menu ofthree prices that maximizes its revenue. [When a consumer is indifferent between two classes of tickets, assume that the consumer would buy a ticket designed for that type of consumers without loss of generality]

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