Question

You operate a Toy Museum in Kuala Lumpur City Centre. The museum is visited by local and foreign tourists by paying discriminated entrance fees.

(a) Show and explain the demand faced by your museum.

(b) When would the museum prefer to have only a single price for all? And who would then be the main visitors?

(c) What is the main condition for you, as the operator of the museum, to offer special price to the local tourists? What and how would you gain by doing this?

(d) Discuss the deadweight loss under the conditions where price discrimination can be practiced vis-à-vis it cannot be exercised.

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