The following table summarizes six potential customers' ages and willingness to pay for a solo skydiving experience from SkyMasters.The aircraft has room for eight people,including the pilot and skydiving instructor.The marginal cost of adding each additional passenger is $100.SkyMasters holds significant market power for its region.
Use this information to answer the following questions:
-Assume that SkyMasters follows the profit-maximizing rule and that the company can charge only one price.What should that price be?
Definitions:
Perception of Snow
The sensory experience and interpretation of snow, including its visual characteristics and physical properties.
Availability Heuristic
A cognitive shortcut that relies on immediate examples that come to a person’s mind when evaluating a specific topic or decision.
Headlines
The titles or captions used in newspapers, articles, or posts to catch the reader's attention.
Availability Heuristic
A brain shortcut utilizing the foremost examples occurring to an individual when pondering over a specific topic, concept, approach, or judgment.
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