Problem
1. What would a 10 percent increase in the price of movie tickets mean for the revenue of a movie theater if the price elasticity of demand was, in turn, 0.1, 0.5, 1.0, and 5.0?
2. Suppose the price elasticity of demand for movies by teenagers is 0.2 and that by adults is 2.0. What policy would the movie theater implement to increase total revenue?
2. Explain why senior citizens often obtain special price discounts.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.