You own a small town movie theatre. You currently charge $5 per ticket for everyone who comes to your movies. Your friend who to
ok an economics course in college tells you that there may be a way to increase your total revenue by increasing the price. Is this necessarily a good idea? What is/explain/describe the relationship between revenue and elasticity?
An increase in price will increase revenue only if demand is inelastic.
Explanation:
A person owns a small-town movie theatre.
The price of a ticket for everyone is $5/ticket.
An increase in price will cause revenue to increase if the demand for tickets is inelastic. An inelastic demand implies that a change in the price of the product would cause a less than proportionate change in the quantity demanded of the product.
If demand is inelastic an increase in price will cause less than a proportionate decrease in quantity demanded. Overall, total revenue will increase.
<span>Managers place more importance on moral values such as honesty and forgiveness. Having an employee you know is trustworthy and can see and forgive others' mistakes are strong qualities that show someone is willing to work in many different scenarios and maneuver through many situations successfully.</span>
Answer: A period of great profits followed by a downward trend in an industry. The primary goal of the Texas Equal Suffrage Association was to. win ratification of the Nineteenth Amendment to the U.S. Constitution.\
