Question: 1 estimate demand a suppose you are given this information...
1. Estimate Demand
a. Suppose you are given this information from a consumer making rational, optimized decisions. Sketch a graph of demand for “theater movies” using the available data.
b. Estimate the linear demand curve (i.e., 𝑝𝑇𝑀 = 𝛼 + 𝛽𝑞𝑇𝑀) for “theater movies” that best approximates the data and add it to your graph.
c. What is the point (price and quantity) at which demand is “unit elastic”?