Question
I need help in last question
1. "Want to see the Titanic up close? That'll be $130.000.00-and some courage (Vancouver Sun Newspaper, Monday, January 22, 2018, p. NP3) "Are you a risk-taking adventurer with $130,000.00 to spare? The first manned survey of the rusting RMS Titanic in 13 years will depart in June from St John's N.L.- and they're still taking applications Far more people have explored space than have seen the Titanic, resting about 4,000 metres deep in the North Atlantic off Newfoundland [The] $130,000.00 seats were priced at the infation-adjusted cost of a firs-class ticket for Titanic's doomed maiden voyage, and help fund the company flown out for seven days on the chartered rescarch vessel and at least one dive to the wreck site on a five-person sub lasting 6 to 9 hours" s research. Each participant gets Suppose that estimates for the "Titanic visit" suggest that at a price of $50,000 00 they would have 104 applications for the voyage and at $184,400 00 they would have 20 applications for the voyage i. Using the values provided above, and the "POINT SLOPE FORMULA approuch demonstrated in class, determine the SLOPE and the INTERCEPT for the trip to view the rusting RMS Titanic" Demand curve (5 Marks) Given your answer to part i above, write out both the INVERSE DEMAND curve (P a + b[QII AND the "NORMAL DEMAND curve (O-a-b[PlI for the trip to viow the "Rusting RMS Titanic."4 Marks) ti. applications for the trip to view the rusting RMS Titanic" would they expect to receive for the voyage in the North Atlantic for June 2019? (3 Marks) ili. Ifthe trip to the "Rusting RMS Titanic" is priced as above at $130,000.00, bow many $So, ooo
Explanation / Answer
3. 50000-1844000 = -134400
then 104-20 = 84 applications
SO , 134400/84 = 1600 ( ignore the negative sign )
Therefore , 130000/1600 = 81 approx applications
