The table below gives the demand schedule for
museum visits
a. You, as the resident economist, have been given
the task of maximizing the museum's total revenue.
What admission price should you charge?
b. What is the elasticity of demand at the midpoint
between $6 and $4?
c. Moving along the demand schedule from $10 to $8
to $6 and ultimately to $4, how does the price
elasticity of demand change in size?