Question 4a. Use the table below to complete the following exercise. Plot the
Price (GH¢) % Change in Price Quantity Demanded % Change in Qty
5 100
10 100 80 220
15 66 60 225
20 33. 40 233
25 25 20 250
30 30. 0 2100
b. Below the demand curve plotted in (a), plot the total-revenue curve, measuring total revenue onthe vertical axis and quantity on the horizontal axis.
Using the data in (b), what would a 10 percent increase in the price of movie tickets mean for the revenue of a movie theatre if the price elasticity of demand was, in turn, -0.1, -0.5, -1.0 and 5.0?
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