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7. You own a buffet restaurant. You currently charge $5 per person for everyone. Adult Demand Child Demand Price $10 9 8 7 6 5

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7. You own a buffet restaurant. You currently charge $5 per person for everyone. Adult Demand Child Demand Price $10 9 8 7 6 5 4 3 2 1 0 10 20 30 40 50 60 70 80 90100 Quantity 0 5 10 15 20 25 30 35 40 45 50 Quantity a. What is your current total revenue for both groups? b. Which market has more elastic demand? c. Which market has more inelastic demand

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