Suppose P=8. Calculate the excess. Is it a shortage or surplus? (15) Suppose P=4. Calculate the excess. Is it a shortage or surplus? (15) (a) (60 marks) The schedule below shows dally purchases of train tickets at a varlety of prices. Using the point formula, calculate the price elasticity of demand at each (price, quantity) combination on this linear dernand curve. (50) ii. At what price is total revenue maximised for train operators? Explain, using the pri elasticty of dernand concept. (10) (b) (40mar/s) the following to a nonlingar demand curve an 6015p in Calculate od for the following orlees (10) P od