Q1. 1. What might be the goal of a museum? Of a firm? What are the basic steps in all types of decision making processes?
2. How is the concept of a normal return on investment related to the distinction between business and economic profit?
3. Apply the decision-making model developed.
Q2. Movie attendance dropped 8 % as tick prices rose a little more than 5%. Elucidate what is the price elasticity of demand for movie tickets? Could price elasticity be some-what overestimated from these records? Could other things have changed, accounting for some of the decline in attendance?