Question: Review View Acrobat EV EE AaBbCcDdE AaBbCaDdE AaBbCc[ AaBbCcDd Normal No Spacing Heading 1 Heading 2 Question 5 - Chapter 5 (12 marks) You own

Review View Acrobat EV EE AaBbCcDdE AaBbCaDdE AaBbCc[ AaBbCcDd Normal No Spacing Heading 1 Heading 2 Question 5 - Chapter 5 (12 marks) You own a small-town movie theatre. You currently charge $5 per ticket for everyone who comes to your movies. Your friend who took an economics course in college tells you that there may be a way to increase your total revenue. Given the demand i curves shown, answer the following questions. Figure in Adult Demand Child Demand Price Price $10- $10- 0 10 20 30 40 50 60 70 80 90 100 Quantity 5 10 15 20 25 30 35 40 45 50 quantity What is your current total revenue for both groups? (2) The elasticity of demand is more elastic in which market?(2) Which market has the more inelastic demand? d. What is the elasticity of demand between the prices of $5 and $2 in the adult market? this elastic inelastic? e. What is the elasticity of demand between $5 and $3 in the children's market? this elastic inelastic? 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? Question 6- Chapter 6 (18 marks) 1. Using the graph shown below, answer the following questions. (8) a. What was the equilibrium price in this market before the tax? What the amount the tax

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