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1. Use the hypothetical demand schedule in the table below to answer the questions followed. The table describes the number of visits per day in the New York Zoo in Bronx, NY with their corresponding prices as admission ticket price per day.
Ticket Price/Admission Visits Per Day
$50 200
40 400
30 600
20 800
10 1,000
1a. Use the price and quantity data above to draw the Demand curve
1b. What is the slope of the demand curve drawn? Is the slope constant?
1c. Using the slope estimated in Q1b, estimate the price elasticity of demand at Price at $20 and the same at Price $40.
1d. Find the price from the table or the demand curve drawn at which total revenue is maximum and estimate the value of maximum revenue at that price.
1e. Estimate the arc elasticity between the Prices of $30 and $50 by using the mid-point average equation for calculating price elasticity of demand.
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