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Local cinema chain, Filmgarde Cineplexes, faces the following daily demand equation for their movies P = 20 - 0.5Q.
(i) Sketch the movie demand curve, clearly showing where the demand curve cuts the y-axis and x-axis. At which price range is the demand elastic? At which price range is the demand inelastic?
(ii) The current weekday price of a movie ticket is $9. Should Filmgarde rise or lower the ticket price to earn higher revenue? What should Filmgarde do to maximise its total revenue? Explain.
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