Assume the data below represent potential travelers on a European Riverboat Tour. Use the data in the table below to create a Consumer Surplus bar chart like the textbook example, arranging the travelers from highest price to lowest.

Traveler: Maria, Stephen, Robert, Leilani

Willing to pay: $2,500, $4,000, $3,200, $1,500

Traveler: Kristy, Renee, Greg, Marty

Willing to pay: $3,500, $5,000, $2,500, $2,000

Once your graph is completed answer the following questions:

1.If the riverboat tour costs $2,500, how many travelers will buy tickets?

2.If the riverboat tour costs $2,500, how much total revenue will be collected?(Total Revenue = Price x Quantity)

3.If the riverboat tour costs $2,500, what is the value of total consumer surplus?

4.If the riverboat tour company would charge everyone the maximum amount they are willing and able to pay, instead of one price for all, how much revenue would they make? Is it worthwhile for the company to offer a variety of prices based on cabin location, cabin size, and time of booking?