Answer to Question #30487 in Microeconomics for Vincent

Question

A one-day ticket to Sea World costs $37, but a two-day pass costs $42. What is the average cost per day for a one-day pass? For a two-day pass? What is the marginal cost of a second day at Sea World? Why might Sea World charge such a price for a second day's entrance to the park?

Answer 1

The cost for a 1 day pass is $37, the cost fora 2 day pass is $42. The average cost per day is (37+42)/2 = $39.5. Marginal
cost will be 5$ and is an extra cost. They do this for those from out of
town and have the time to spend. The profit amusement parks make is on things
like food, beverages, and souvenirs.