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Hi, may you show me with a diagram with inelastic , unit elastic and elastic are? And explanation please, the main problem I have is
Hi, may you show me with a diagram with inelastic , unit elastic and elastic are? And explanation please, the main problem I have is the last part of the question.
Suppose the demand for crossingBridge is given by Q = 22 - P/5 (where Q is measured in thousands of vehicles per day, and P is in pounds per vehicle)
- If the toll (P) is 20, how much revenue (in s) is collected?
- What is the price elasticity of demand at this point?
- Could the bridge authorities increase their revenues by changing their price? What
price should they charge?
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