Eddie is wearing a silly ape suit at a costume party. Althou…

Eddie is wearing a silly ape suit at a costume party. Although he is normally responsible and respectful, Eddie joins in when the party starts getting wild. After the police break up the gathering, he apologetically tells them that he “forgot himself.” What phenomenon does this illustrate?

A local pool estimates their average customer’s demand per m…

A local pool estimates their average customer’s demand per month in the summer is Q = 7 – 2P, and knows the marginal cost of each pool guest is $0.5. How much should the pool charge for a summer monthly membership in order to extract all the consumer surplus via an optimal two-part pricing strategy?