Consider the demand for park visitation, Eq. (9.12b).

a. We discussed (and illustrated in Figure 9.5) the effect of a change in \(q\) on demand for visits, \(v\). How would you expect the other variables, \(p_{v}\) and \(y\), to effect \(v\) ?

b. Given your answer to part (a), can we say what will happen to demand for park visits when the wage rate, \(w\), increases? Keep in mind that \(y\) depends on \(w\).

Equation 9.12

Figure 9.5

Transcribed Image Text:

v=8(Pay) = g(p, +f, q, y) (9.12b)