Formula and step by step calculation needed. Thank you Part I. (30 points) You own a small town movi

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&#39;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&#39;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: