a. What is the total revenue per day when they charge $5/ticket for everyone?5 Marks

b. You friend said they reduced the price on Tuesdays because they heard something in economics that said "If you lower the price you sell more". Is this true? Was it a good idea to lower the prices on Tuesdays to get more revenue?3 Marks

c. Which market appears to have a more inelastic demand? Explain2 Mark

d. What is the elasticity of demand between the prices of $5 and $2 in the adult market? Is this elastic or inelastic? (Use the mid-point formula).4 Marks

e. What is the elasticity of demand between $5 and $4 in the children's market? Is this elastic or inelastic? (Use the mid-point formula).4 Marks

Preview File Edit View Go Tools Window Help Q 8 0 Sat Feb 25 8:46:52 PM ... BECN 150 - - Problem 2.pdf 1 page 1 Q Q " 2 . ' @ Q search Problem 2 - Diagram Adult Demand Child Demand Price Price $10 $10 9 9 8 8 W AUTO w 2 D 1 1 0 10 20 30 40 50 60 70 80 90 100 Quantity 0 5 10 15 20 25 30 35 40 45 50 Quantity MKTG207 - 20233... 11:13 AM 25 Ai Humber Courses