Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Qd= 550 - 200 P - 0.1 R + 100 Pb Qd represents the number of bus tickets requested daily; P represents the price of

Qd= 550 - 200P - 0.1R + 100Pb Qd represents the number of bus tickets requested daily; P represents the price of the bus ticket; R represents the average weekly income of public transport users; Pb represents the average cost of a trip by car to cover the same distance. What is the expression of demand for bus transport in the strict sense knowing that R = $ 600 and Pb = $ 5.60? What is the slope of such a demand? Illustrate graphically the considered request. What should the price of a bus ticket be if the Commission de transport de la Rive Sud has only 450 seats every day and aims for a 100% occupancy rate for its buses? We tell you that the average weekly income of public transport users has doubled from $ 600 to $ 1,200, so the average cost of a trip by car has not changed and still remains at Pb = $ 5.60. What is the new expression of demand for bus transport in the strict sense? Illustrate this new demand graphically on the same graph as that of question 3.1. 

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Technology Ventures From Idea To Enterprise From Idea To Enterprise

Authors: Richard C Dorf, Byers

3rd Global Edition

9780071289214

More Books

Students also viewed these Economics questions

Question

What elements form the chloride mineral group? Give an example.

Answered: 1 week ago