(5 points) Explain to Drumpf, what is the most it can set for its(Öxed) membership fee if it wishes to attract both types of golfers

Drumpf Country Club has the only golf course in Distopia. The (annual)demand to play a round of golf on its course is given byD (p) = 12000  10pwhere D (p) is the number of rounds demanded each year if Drumpf chargeda uniform price of p per round. The marginal cost of having someone playa round of golf is zero and the annual (fixed) cost of maintaining the golfcourse is 1000000.(a) (15 points) Determine the optimal uniform price for Drumpf tocharge for a round of golf. Compare the welfare of golfers and Drumpfin this situation compared to what would have been the case if the pricehad been set equal to the marginal cost (and the fixed cost had beencovered by a subsidy from the Distopian Government). What is thedeadweight loss that arises from Drumpf employing monopoly uniformpricing instead of having marginal-cost pricing

For the rest of this question assume that instead of all golfers being identical,there are two types of golfers, “tragics” and “dilettantes”. There are fifty ofeach type and the demand of a tragic is given byxT (p) = 160  p10 ,while that of a dilettante is given byxD (p) = 80  p10 .Unfortunately for Drumpf, it is not possible to tell beforehand whether agolfer is of either type.(c) (5 points) Explain to Drumpf, what is the most it can set for its(fixed) membership fee if it wishes to attract both types of golfers.(d) (10 points) Explain to Drumpf how it can still have the same aggre-gate demand for rounds of golf but get more from the tragics if it o§ersdi§erent classes of memberships that entitles a golfer to play di§erentamounts of rounds of golf for the di§erent classes. [Hint: consider astandard membership that allows a golfer to play 80 rounds of golf,and a gold membership that at a higher price entitles the golfer toplay as many rounds as they wish. What is the most that a dilettanteis willing to pay for a standard (quantity limited) membership? Andgiven the fee for standard membership, what is the most that a tragicwould be willing to pay to be allowed to play an unlimited number ofrounds of golf?]2

QUESTION TWO (30 marks)A Sports Club has the following transactions for the year ended March 31, 2023.$Refreshment purchases 6,000Refreshment takings 35,000Subscription received for the year 39,000Life membership fee received for the year 30,000Rent and rates 4,500Refreshment stocks as at April 1, 2022 3,000Refreshment stocks as at March 31, 2023 2,000Equipment at cost 40,000Lighting and heating 1,500Donations for the year 2,000Advertising and promotion 2,500Wages and salaries 11,100Cash and bank 37,800Furniture at cost 17,500Accumulated depreciation of Furniture as at April 1, 2022 2,500Accumulated fund as at April 1, 2022 12,900Creditors for refreshment supplies 2,500Additional information needs to be considered:1. Subscription for the year has not yet received as at March 31, 2023: $1,000.2. Provide depreciation for equipment and furniture on straight-line basis. Their usefullives assume 5 years and residual value at the end of useful lives will be $5,000 each.3. Not yet paid wages of $900 as at March 31, 2023.4. Life membership assumes 10 years.Required:Use the above information to prepare:(a) Refreshment Profit and Loss account for the year ended March 31, 2023.(3.5 marks)(b) Income and Expenditure Account for the year ended March 31, 2023. (14 marks)(c) Balance Sheet as at March 31, 2023. (12.5 marks)

At many municipal golf courses, local residents pay a lower fee to play than other golfers do. One necessary condition for the golf course to be able to successfully price discriminate according to residency is thatGroup of answer choicesthey can check the identification cards of golfers.local resident golfers and other golfers have the same price elasticity of demand to play at the municipal course.there are many golf courses nearby from which golfers can choose.they require all golfers to rent a cart.

How many voluntary sports clubs do exist in the UK?Group of answer choices10,000150,000100,00050,000