e. In which market the demand is more inelastic? Why? f. Given the graphs and what your friend knows about economics, he recommends you increase the price of adult tickets to $8 each and lower the price of a child's ticket to $3. How much could you increase total revenue if you take his advice? g. Why do you think increase in price of adult ticket and decrease in price of a child's ticket increases your revenue? 3- Suppose the price elasticity of demand for good A is 0.25. If the price of good A decreases by 15%, what will be the resulting percentage change in quantity demanded for good A? 4- In the following table, Supply Curve A Supply Curve B Supply Curve C Price $1.00 $2.00 $1.00 $2.00 $1.00 $3.00 Quantity Supplied 500 600 500 900 500 600 a. Which of the three supply curves represents the least elastic supply? b. Which of the three supply curves represents the most elastic supply? c. Draw 3 supply curves in a same graph. Don't forget to label them.2- You own a small-town movie theatre. You currently charge $5 per ticket for everyone who comes to your movies. Your friend who took an economics course in college tells you that there may be a way to increase your total revenue. Given the demand curves shown, answer the following questions. Price 10 Price 10 Child Demand Adult Demand 10 15 20 25 30 35 so 55 60 65 70 Quantity 10 20 30 40 50 60 70 80 90 100 Quantity a. What is your current total revenue for both groups? b. What is the elasticity of demand between the prices of $5 and $2 in the adult market? Is this elastic or inelastic? c. What is the elasticity of demand between $5 and $2 in the children's market? Is this elastic or inelastic? d. In which market the demand is more elastic? Why