Decision-making model developed

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Reference no: EM138782

Q1. 1. What might be the goal of a museum? Of a firm? What are the basic steps in all types of decision making processes?

2. How is the concept of a normal return on investment related to the distinction between business and economic profit?

3. Apply the decision-making model developed.

Q2. Movie attendance dropped 8 % as tick prices rose a little more than 5%. Elucidate what is the price elasticity of demand for movie tickets? Could price elasticity be some-what overestimated from these records? Could other things have changed, accounting for some of the decline in attendance?

Reference no: EM138782

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