Question 4a. Use the table below to complete the following exercise. Plot the price and quantity data. Indicate the price elasticity value at each price. What happens to the elasticity value as you move down the demand curve?
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
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