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The graph below shows the demand for haircuts at the Uppercuts Hairdressing Salon. D 30 Tools 27 24 Captured con: 21 18 Price per haircut
The graph below shows the demand for haircuts at the Uppercuts Hairdressing Salon. D 30 Tools 27 24 Captured con: 21 18 Price per haircut 15 12 9 0 20 40 60 80 100 120a) If the salon charges a single price of $15, what will its total daily revenue be? Total daily revenue: $ b. b) Suppose, instead, that the salon practises price discrimination and now charges $20 for haircuts to regulars but only $15 to retirees and economics instructors. What will its new total daily revenue be? New total daily revenue: 55 c) What is the value of consumer surplus that the salon has captured as a result of price discriminating? oooooooooooooooo d. In the above graph, show the area that represents the value of consumer surplus captured. Plot only the 4 endpoints of the area
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