Problem
Assume the total benefits to Mark from trips to a local amusement park during the year are given by the following schedule: 1 trip, $60; 2 trips, $115; 3 trips, $165; 4 trips, $200; 5 trips, $225; 6 or more trips, $240.
a. What is Mark's marginal benefit of the third trip? The fifth trip?
b. If the admission price to the amusement park was $45 per day, how many times would Mark be willing and able to go in a year? What if the price was $20 per day? Explain.
c. If the amusement park offered a year-long pass for $200 rather than a per-day admission price, would Mark be willing to buy one? If so, how many times would he go? Explain.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.