The director of a theater company in a small college town is considering changing the way he
Question:
a) Graph the two demand curves on one graph, with P on the vertical axis and Q on the horizontal axis. If the current price of tickets is $35, identify the quantity demanded by each group.
b) Find the price elasticity of demand for each group at the current price and quantity.
c) Is the director maximizing the revenue he collects from ticket sales by charging $35 for each ticket? Explain.
d) What price should he charge each group if he wants to maximize revenue collected from ticket sales?
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a Both demand curves are downward sloping and linear For the general public D gp the vertical interc...View the full answer
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