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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 Chucks 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 Chucks demand for movies?...
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- Fall '09