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Unit III Assignment Worksheet
Background Information
The Ruby Red Movie Theater in town is in jeopardy of having to close its doors because
it is unable to generate enough total revenue. In an effort to generate more total revenue, the movie theater manager decided to change the prices this month for drinks,
popcorn, candy, hot dogs, and movie tickets. The manager would like for you to analyze the data that has been collected to help decide if the decisions to change the prices were correct and, if not, what should be done to prices to generate more total revenue. Be sure to answer all of the questions in this worksheet.
Question 1 Information regarding the community’s average income and movie ticket sales at the Ruby Red Movie Theater for both last year and this year are presented below. Use this information when answering questions A-C, below.
Last Year
This Year
Community’s Average Income
$55,800
$57,474
Movie Ticket Sales
$4,980
$5,021
A.
Calculate the Income Elasticity of Demand for movie tickets. (Show your work; you can type it in the box below, or write it out by hand, take a picture, and insert the picture in the box. Make sure it fits in the box. NOTE: These options apply to all “Show your work” responses.)
$55,800
+ $57,474 = $113,274
= $56,637
2 2 2
$4,980
+ $5,021
= $10,001
= $5,000.50
2 2 2
$55,800 - $57,474 = -1,674
$4,980 - $5,021 = -41
56,637 ÷ 5,005.50 = 11.326
-41÷ -1674 = 0.02449
0.02449 • 11.326 = 0.2774
B.
Are movie tickets considered to be inferior goods, normal goods, or unit (unitary) goods in this town? Explain why.
Movie tickets are considered normal goods because the elasticity of demand is between 0 and 1. C.
A new firm is relocating to the city and adding a large number of above average salaries. Will the number of movie ticket sales for the theater increase, decrease, or remain constant? Base your answer on information you answered in part B above.
Based on the information above, the number of movie tickets should increase as the salaries increase. Increased salaries should increase demand.
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Question 2 The manager at Ruby Red Movie Theater decided to change the prices of concession stand items as well as tickets this month in an effort to increase revenues. Below, you are provided with prices for last month and this month as well as the quantities demanded for both months. Use this information when answering questions A-H, below.
Price
Quantity Demanded
Item
Last
Month
This
Month
Last
Month
This
Month
Large Drink
$6.00
$5.50
150
161
Large Popcorn
$7.50
$8.00
125
101
Small Drink
$2.50
$2.00
75
80
Small Popcorn
$5.00
$5.25
45
39
Candy
$4.00
$3.50
57
68
Hot Dog
$5.00
$5.25
35
36
Movie Tickets
$8.00
$9.00
428
300
A.
Calculate the total revenues earned by the theater last month and this month (Show your work).
Last Month
Large Drink 6.00 x 150 = $900
Large Popcorn 7.50 x 125 = $937.50
Small Drink 2.50 x 75 = $187.50
Small Popcorn 5.00 x 45 = $225
Candy 4.00 x 57 = $228
Hot Dog 5.00 x 35 = $175
Movie Tickets 8.00 x 428 = $3,424
900+937.50+187.50+225+228+175+3424 = 6077
This Month
Large Drink 5.50 x 161 = $885.50
Large Popcorn 8.00 x 101 = $808.00
Small Drink 2.00 x 80 = $160.00
Small Popcorn 5.25 x 39 = $204.75
Candy 3.50 x 68 = $238.00
Hot Dog 5.25 x 36 = $189.00
Movie Tickets 9.00 x 300 = $2,700
Total revenues last month = $6077
Total revenues this month = $5185.25
B.
Calculate the price elasticity of demand for large drinks
. (Show your work)
6 + 5.50
= 11.50 = 5.75
2 2
150 + 161
= 311 = 155.50
2 2
6 – 5.50 = .50
150 – 161 = -11
5.75 ÷ 155.50 = 0.036977492
-11 ÷ .50 = -22
0.03677 x -22 = -0.813
Is the price elasticity of demand for large drinks
price elastic, inelastic, or unit (unitary)? Briefly explain why in the box below.
Answer = The price elasticity of demand is less than <1 making it inelastic.
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