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The Bushman Cinema is the only movie theatre located in the medium-size country town of Sleepy Hollow. The owner wants to charge an admission fee of $10 per seat and past experience suggests that at this price the theatre will be two-thirds full. An economist visiting the town tells the owner that he thinks demand is linear (represented by a straight-line) and that the elasticity of demand is -0.78. Should the owner raise the price, lower the price or leave it unchanged if she wants to maximise revenue? Give reasons for your answer.
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Suppose that a firm’s production function is given by Q=30L-3L2, where L is labor input and Q is the output. a) Derive and draw the firm’s demand for labor while the firm’s produ
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