Formula and step by step calculation needed. Thank you Part I. (30 points) You own a small town movie theatre. You currently charge S5 per ticket for everyone who comes to your movies when consumer income is $20,000. Given the demand curves shown, answer the following questions Aduit Demand Child Demand Price Price $10 $10 2 10 20 30 40 50 60 70 80 90 100 Quantity 5 10 15 20 25 30 35 40 45 50 Quantity D. What is the elasticity of demand between $5 and $3 in the children's market? Is this elastic or inelastic? E. Given the graphs and what your friend knows about economics, he recommends you increase the price of adult tickets to $8 each and lower the price of a child's ticket to $3. How much could you increase total revenue in each market if you take his advice? F. Suppose consumer income increased to $25,000 so that the quantity demanded for adults is now 60 movies at a price of $8 and the quantity demanded for children is now 8 movies at a price of $6 Compute the income elasticity of demand for each market. Interpret Adult Child:

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