Question

4. Mateo's room overlooks a CFL football stadium. He decides to rent a telescope for $50.00 a week and charge his friends to use it to peep at the games for 30 seconds. He can act as a single-price monopolist for renting out "peeps." For each person who takes a 30-second peep, it costs Mateo $0.20 to clean the eyepiece. This table shows the information Mateo has gathered about the weekly demand for the service. Price of peep $1.20 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 Quantity of peeps demanded 100 150 200 250 300 350 400 450 500 550 a. For each price in the table, calculate the total rev- enue from selling peeps and the marginal revenue per peep. b. At what quantity will Mateo's profit be maximized? What price will he charge? What will his total profit be? c. Mateo's landlady complains about all visitors and tells him to stop selling peeps. But, if he pays her $0.20 for every peep he sells, she won't complain. What effect does the $0.20-per-peep bribe have on Mateo's marginal cost per peep? What is the new profit-maximizing quantity of peeps? What effect does the $0.20-per-peep bribe have on Mateo's total profit?
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