1. Assume that there is only one movie theatre and only one video rental outlet in a small town in BC. The weekly demand by all town people for movie and video rentals is given by the following table. Price of Quantity Total Price of Quantity Total Movie demanded revenue videos demanded revenue for movies from movies for videos from videos $3 450 $2.00 950 4 400 2.50 900 350 3.00 825 6 300 3.50 750 7 250 4.00 650 8 200 4.50 550 9 150 5.00 425 (i) Fill in the total revenue columns for movies and videos. (i1) What prices would maximize the seller's total revenue? (a) Movie price (b) Video price. What is the elasticity of demand for movies if the theatre changes the price from $6 to $5, and what is the change in total revenue? (iv) What is the elasticity of demand for videos if the seller changes the price from $3.50 to $4.00, and what is the change in total revenue