-The Table Above Gives the Demand Schedule for Museum Visits

question 323

Essay

-The table above gives the demand schedule for museum visits.
a) You, as the resident economist, have been given the task of maximizing the museum's total revenue. What admission price should you charge?
b) What is the elasticity of demand between $6 and $4?
c) Moving along the demand schedule from $10 to $8 to $6 and ultimately to $4, how does the price elasticity of demand change in size?

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