Home » QUESTION ! ( 26 marks ) HOOHaHa Bar , a popular beer spot in the NUS vicinity , caters to two groups of NU’S customers – MBA students and professors…

QUESTION ! ( 26 marks ) HOOHaHa Bar , a popular beer spot in the NUS vicinity , caters to two groups of NU’S customers – MBA students and professors…

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QUESTION ! ( 26 marks )HOOHaHa Bar , a popular beer spot in the NUS vicinity , caters to two groups of NU’S customers – MBAstudents and professors – whose preferences for beer are as follows :”10P = 10 – Q for an NUTS MBA student*P = 9 – 20 for an NUTS professor10 – 20where Pdenotes the price per pint of beer and* denotes the number of beer pints a student or a10professor would drink per visit .$ 10HOO HaHa currently offers a Happy Hour deal : 3 ‘ free’ pints of beer at $25 . One should pay $4 per pintfor additional beer . It costs HooHaHa $ 2 to serve each pint of beer at the bar , while all fixed costs are*sunk and thus are to be ignored .*3.64 , 6 – 134 . 2Answer the following questions . Show your work both in graphs and numbers .. 5( 1 ) ( 6 marks ) How many pints of beer would each student and professor customstomer consume per visitto HOOHaHa ?!J` 4#R E 6Happy(5 ) 3 pinzP = 7 * < ;]4 pm -. 14(7 ) 3 pineP = 4 *{ }( 2 ) ( 6 marks) Suppose 10 students and 10 professors visited the HooHaHa on a particular Friday .What would be Hoo HaHa’s profit during the day ?( 3) ( 6 marks ) Annoyed by the geeky professors who most of the time ; are socially inept and ruin theparty spirits of the bar , the owner of HOOHaHa now wants to keep the professors away from hisbar . In the meantime , a student approached to him and suggested an idea :”” My name is Joseniklizeric and I am the chairman of NUS MB. A SOCER Club . Wehate professors but one of them taught us a valuable econ trick . We can designthe Happy Hour Plan smarter way and keep those scrooge prof’s away from thisbar . “And then Josenik lizeric suggested the following new Happy Hour Deal :”Drink up to * ‘free ‘ pints of beer at one payment of $!”What would be the right number for * and’Y’ to successfully keep professors from patronizing inthe bar while maximizing HooHaHa’s profit ?*( 4 ) ( 8 marks) Given the new Happy Hour deal as described in ( 3 ) , the NUS professors have*begun picketing in front of the bar and asked for a more lenient pricing for their access .”Although reluctant , the owner has decided to accept the professor customers as well . Oncehaving changed his mind , the owner now wants to be a profit-seeker . Assuming that the*owner can. check the ID cards to identify the type of the customers , . what is the optimal twopart pricing policies you would suggest to the owner ? ( This time , the question is not about*Happy Hour deal but the routine two part pricing policy options . A two part pricing should becomposed of a price per beer pint and an entry fee . )

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