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As the oldest of the Seven Wonders of the Ancient World, the Great Pyramids of Giza in Egypt, is a huge tourist at'tra dion. The
As the oldest of the Seven Wonders of the Ancient World, the Great Pyramids of Giza in Egypt, is a huge tourist at'tra dion. The Egyptian Government decides to grant one person, called Rajmund, exclusive access to the pyramids so he can conduct tours. Each tour costs him $103 to conduct (ie: his marginal cost is constant at $108l'tour). Below is a table of potential prices he could charge and the corresponding quanties. Price Quantity {Show} [tou rs} 200 2 180 4 162 6 144 9 130 1 2 122 'l 4 Although Rajmund can exert monopoly power, he decides he will set a price of $1 30 per tour [without consulting any economic concepts). Answer the following questions: a. What is Rajmund's marginal revenue when the plice is $130 per tour? Answer to the nearest whole number (with no decimal places}. 3 hour b. At $1 30 per tour, should Rajmund decrease or increase the number of tours to maximise prot? . Type D for Decrease or I for Increase. c. What price per tour should Rajmund be charging in order to maximise prot? Answer to the nearest number [with no decimal places}. 3 Hour
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