Suppose, while rummaging through your uncle’s closet, you found the original painting of Dogs Price ($/visit)

Quantity

(visitors/day)

6 12 0

Playing Poker, a valuable piece of art. You decide to set up a display in your uncle’s garage. The demand curve to see this valuable piece of art is as shown in the diagram. What price should you charge if your goal is to maximize your revenues from tickets sold?

On a graph, show the inelastic and elastic regions of the demand curve. (LO5, LO6)