Question 1:

Lorena likes to play golf.How many times per year she plays depends on two things: (1) the price of playing a round of golf, and (2) Lorena's income and the cost of other types of entertainmentin particular, how much it costs to see a movie instead of playing golf.

The three demand schedules in the table below show how many rounds of golf per year Lorena will demand at each price under three different scenarios.

Scenario: D1 D2 D3 Income per year: $60,000 $60,000 $80, 000 Movie Ticket Price: $11 $13 $13 Rounds of Golf: Quantity Demanded Quantity Demanded Quantity Demanded Price = $55 15 10 15 Price = $40 25 15 30 Price = $25 40 20 50