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ECON 1150 Economics Issues

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The first manned survey of the rusting RMS Titanic in 13 years will depart in June from St. John’s N.L. – and they’re still taking applications.

Far more people have explored space than have seen the Titanic, resting about 4,000 metres deep in the North Atlantic off Newfoundland.

[The] $130,000.00 seats were priced at the inflation-adjusted cost of a first-class ticket for Titanic’s doomed maiden voyage, and help fund the company’s research. Each participant gets flown out for seven days on the chartered research vessel and at least one dive to the wreck site on a five-person sub lasting 6 to 9 hours.”

Suppose that estimates for the “Titanic visit” suggest that at a price of $50,000.00 they would have 104 applications for the voyage and at $184,400.00 they would have 20 applications for the voyage.

1. Using the values provided above, and the “POINT/SLOPE” FORMULA approach demonstrated in class, determine the SLOPE and the INTERCEPT for the trip to view the “rusting RMS Titanic” Demand curve.

2. Given your answer to part i above, write out both the INVERSE DEMAND curve {P = a + b [Q]} AND the “NORMAL” DEMAND curve (Q = a + b [P]} for the trip to view the “Rusting RMS Titanic.”

3. If the trip to the “Rusting RMS Titanic” is priced as above at $130,000.00, how many applications for the trip to view the “rusting RMS Titanic” would they expect to receive for the voyage in the North Atlantic for June 2019?

ECON 1150 Economics Issues

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