Unformatted text preview: Explain in detail. (Show all your work and give the complete elasticity formula). d) Now, assume that 7 movies are offered per month. (1) Determine the market price for each movie. Explain your reasoning. (2) If Chuck’s demand for movies increases, as shown below, calculate the new market price for movies if 7 movies are offered per month. Quantity of movies demanded/mo Price / movie Chuck $7 6 5 1 4 3 3 4 2 6 What factor or factors could have increased Chuck’s demand for movies?...
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This note was uploaded on 10/26/2009 for the course ECON 180-004-20 taught by Professor Bresnock during the Fall '09 term at UCLA.
- Fall '09