Exercise 7 The director of a theater company in a small college town is considering changing the way he prices tickets. He has hired an economic consulting firm to estimate the demand for tickets. The firm has classified people who go to the theater into two groups and has come up with two demand functions. The demand curves for the general public (Gap) and students (Qs ) are given below: @gp = 500 - 10P QS = 350 - 10P. Price -9 9 8 8 8 8 8 8 8 8 8 Graph the two demand curves in the figure to the right. If the current price of tickets is $10, identify the quantity demanded by each group. 1.) Using the line drawing tool, graph the demand curve for the general public. Label this curve Dap. 2.) Using the line drawing tool, graph the demand curve for students. Label this curve Ds 3.) Using the point drawing tool, plot the price-quantity coordinate for the general public (gp) 50 100 150 200 250 300 350 400 450 500 and students (s) when the price of tickets is $10. Quantity (tickets) Click the graph, choose a tool in the palette and follow the instructions to create your graph