Movie theatres decided to increase the price of movie tickets. Holding other factors constant, what happens to the demand for popcorn in the movie theatres?
a. Demand for popcorn shifts to the left because popcorn and movies are substitute goods.
b. Demand for popcorn shifts to the left because popcorn and movies are complementary goods.
c. Demand for popcorn shifts to the right because popcorn and movies are substitute goods.
d. Demand for popcorn shifts to the right because popcorn and movies are complementary goods.
Question 2
Appendix: In regression analysis, the existence of a significant pattern in successive values of the error term constitutes:
a. heteroscedasticity
b. autocorrelation
c. multicollinearity
d. nonlinearities
e. a simultaneous equation relationship
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The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...