Answer Happy

The manager at Ruby Red Movie Theater decided to change the
prices of concession stand items as well as tickets this month in
an effort to increase revenues. Below, you are provided with prices
for last month and this month as well as the quantities demanded
for both months. Use this information when answering questions A–H
below. Price Quantity Demanded Item Last Month This Month Last
Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn
$7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn
$5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36
Movie Ticket $8.00 $9.00 428 300 D. Calculate the price elasticity
of demand for small drinks. (Show your work.) Is the price
elasticity of demand for small drinks price elastic, inelastic, or
unit (unitary)? Briefly explain why in the box below. E. Calculate
the price elasticity of demand for small popcorn. (Show your work.)
Is the price elasticity of demand for small popcorn price elastic,
inelastic, or unit (unitary)? Briefly explain why in the box below.
F. Calculate the price elasticity of demand for candy. (Show your
work.) Is the price elasticity of demand for candy price elastic,
inelastic, or unit (unitary)? Briefly explain why in the box below.
G. Calculate the price elasticity of demand for hot dogs. (Show
your work.) Is the price elasticity of demand for hot dogs price
elastic, inelastic, or unit (unitary)? Briefly explain why in the
box below. H. Calculate the price elasticity of demand for movie
tickets. (Show your work.) Is the price elasticity of demand for
movie tickets price elastic, inelastic, or unit (unitary)? Briefly
explain why in the box below.