Use the midpoint method to calculate the price elasticity of demand. 1. Suppose the price of a large cup of movie theater popcorn is increased from $8 to $10 and the quantity demanded decreases from 51 to 50 cups. a. b. C Calculate the price elasticity of demand for the popcorn? Tell whether the demand is elastic, unit elastic or inelastic. With the price increasing from $8 to $10 per cup, do you foresee the total revenue going to rise or fall for the movie theater? Prove it by finding the total revenue before the price changes and after the price changes. Explain how the price elasticity of it causes such a change in the total revenue.

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