This is one of those "required" activities while in Acapulco. There are dives at 1pm, 7:30pm, 8:30pm, 9:30pm, and 10:30pm. To get to the cliffs, take one of the public transportation school buses to the Zocalo (4 pesos instead of 80 pesos for a taxi) and then you can walk the three blocks uphill to the cliffs. We recommend taking these buses anywhere along the main drag (Costera Miguel Aleman) as they are inexpensive, safe and allow you to rub shoulders with more of the locals. The destinations of the buses are written on the front windows and the drivers are helpful if you aren't sure which stop is best for you.
Tickets are 30 pesos per adult to walk down the stairs to the viewing area at the cliffs. You can also watch from the adjacent hotel restaurant (La Perla) although we chose to avoid this due to negative reviews from the RCI Community. The show only lasts about 15 minutes as five or six divers climb the rock face then dive down into the surf. It is an impressive sight. After the show, the divers wait at the top of the stairs for donations to have your picture taken with them. Vendors also swarm the top of the stairs offering all manner of trinkets. On the other side of the parking lot from the hotel is a small restaurant, La Quebrada II, which serves authentic Mexican fare. We had 6 tacos for 35 pesos.