Letâs assume that the demand for a given product can be represented by the equation, price = 100 - .5(quantity). If the current price is 10 dollars and the quantity demanded is 180, then a two dollar increase in the price reduces the quantity demanded by four units.
| AP. It's finally time for Hollywood's big night. The 2013 Oscars begin tonight at 8:30 p.m. Eastern Time (5:30 p.m. Pacific Time) at the Dolby Theatre in Los Angeles, California. It's the 85th annual Academy Awards and you can watch live on ABC. The show itself will be preceded by Red Carpet arrivals, beginning at 7 p.m. ET.
These days, an Oscars host is likely to wish only to avoid a complete disaster â but in 1958, veteran host Bob Hope may have introduced the world to a joke that, decades later, has become part of comedyâs common heritage. Hereâs how TIME described the ceremony in the Apr. 7 issue of that year: