2. There is one public golf course on the island of Augusta. The golf course's demand...

Question:

2. There is one public golf course on the island of Augusta. The golf course's demand and cost curves are shown in the graph below. Only residents of the island are allowed to play on this golf course. The golf course charges a greens fee to play a round of golf. The island's council is debating how much the greens fee should be. Marginal Cost 2. PRICE COST Average Total Cost Demand Q, Q, Q, QAQs 0 Q, ATTENDANCE Marginal Revenue
b. When the attendance is Q5, is the demand price elastic, inelastic, or unit elastic? Explain. C. Assume that the government decides the golf course should charge no greens fee allowing all island residents to play for free and agrees to subsidize the golf course for any losses. i. Using the labeling in the graph, identify the golf course's attendance under that Circumstance. I

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