Question #3 (4 points) The following table displays the prices for various admission tickets for Hong Kong's Ocean Park (in some earlier years). Admission Price (HK$) TICKET General Admission Student Pass SmartFun Gold Pass SmartFun Siver Pass Adult $250 $695 $545 Full Time Student (12 or $485 above) Child (3-11) $125 $350 $270 Under 3 Free Over 65 (with HKID) Free Holder of Registration Card for people with Free Disabilities Note that a general-admission ticket is for one-time visit but Student, Gold, and Silver Passes are annual passes. Both Student Pass and Gold Pass allow unlimited admission throughout the year but Silver Pass only allows admission during weekdays and Saturday morning. (1) Why does Ocean Park only accept Hong Kong ID (but not passports) as the proof of age? Next, we will explore a potential rationale behind offering general admission and annual passes at the same time. Restrict attention to general admission ticket at $250 per visit (or one cent below that) and annual Gold Pass with unlimited visit at $695 for adults. For simplicity of analysis, from now on assume Ocean Park does NOT sell any other tickets. Suppose there are two groups of potential customers: tourists and local residents. Suppose ALL consumers, tourists and locals alike, have IDENTICAL marginal value schedule of visiting Ocean Park, as shown below