Question: please answer question number d by using this graph Aduh Demand Child Demand Price $10 10 20 30 40 50 60 70 80 90 100

please answer question number d by using this graph

Aduh Demand Child Demand Price $10 10 20 30 40 50 60 70 80 90 100 QuanLEY 0 5 10 15 20 25 30 35 40 45 50 Quantity a. What is your current total revenue for both groups? $ Marks b. The elasticity of demand is more elastic in which market? 1 Mark c. Which market has the more inelastic demand? 1 Mark d. What is the elasticity of demand between the prices of $8 and $5 in the adult market? Is this elastic or inelastic? (Use the mid-point formula). 4 Marks e. What is the elasticity of demand between $5 and $3 in the children's market? Is this elastic or inelastic? (Use the mid-point formula). 4 Marks f. Given the graphs and what your friend knows about economics, he recommends you increase the price of adult tickets to $8 each and lower the price of a child's ticket to $3. How much could you increase total revenue if you take his advice? 3 Marks

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