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(a) When a local cinema?increased its ticket prices from $20 to $24, there was a 30% decrease in sales for a nearby popcorn seller. Calculate the cross-price elasticity of demand and determine whether these products are complements or substitutes. ( Ec = %?Qa / %?Pb ).
(b) Briefly explain why a government can raise more revenue by taxing products with inelastic demand rather than elastic demand.
(c) (Note: this question is NOT related to the above cinema example.) Assume that you are working for a firm that sells a variety of products with different price elasticities. At a business meeting, a colleague says that your firm could increase its total revenue by lowering the price of all its products because it would sell more. How would you respond?
(d) Briefly explain what is meant by 'elastic demand' and 'inelastic demand'. Provide an example for each.
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