question bthx a) Describe the relationship between elasticity and total revenue when consideringan increase in price.You are the manager of a train company. Recently total sales have been a bit low andyou are now considering means to give sales a boost. Market research has shown thatcurrently the price of train tickets is historically low. Market research has also shownthat the demand curve for train tickets is downward sloping. You may assume that yourcompany is not a price taker on the market.-b) One of your colleagues has suggested that it is important to lower the price oftrain tickets. In that case, she argues, the demand will increase. Do you agreewith her? Explain why.c) She continues her argument by concluding that if the demand goes up, the totalvalue of sales of train tickets should therefore increase. Do you agree with her?Explain why.

b. The elasticity of demand is the degree of responsiveness from the part of the consumer towards…

Answered: b) One of your colleagues has suggested…

b) One of your colleagues has suggested that it is important to lower the price of train tickets. In that case, she argues, the demand will increase. Do you agree with her? Explain why.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Pls help ASAP
Find B - A. 4 9 - 5 7 A = B = 2 8 3 - 5 B-A =
Results Real Estate had 6 home sales during the week: $150,000, $140,000, $240,000, $158,000, $3,200,000, and $150,000. What is the mode?
Economic
Tract 1 123 2 3 4 Group A Group B 25 50 75 100 25 25 25 25 Calculate the dissimilarly index for this county.
Please no written by hand and no emage
FORCASTING using the data below can you answer the question: Month Sales Jan-16 747 Feb-16 697 Mar-16 1014 Apr-16 1126 May-16 1105 Jun-16 1450 Jul-16 1639 Aug-16 1711 Sep-16 1307 Oct-16 1223 Nov-16 975 Dec-16 953 Jan-17 1024 Feb-17 928 Mar-17 1442 Apr-17 1371 May-17 1536 Jun-17 2004 Jul-17 1854 Aug-17 1951 Sep-17 1516 Oct-17 1642 Nov-17 1166 Dec-17 1106 Jan-18 1189 Feb-18 1209 Mar-18 1754 Apr-18 1843 May-18 1769 Jun-18 2207 Jul-18 2471 Aug-18 2288 Sep-18 1867 Oct-18 1980 Nov-18 1418 Dec-18 1333 Jan-19 1333 Feb-19 1370 Mar-19 2142 Apr-19 2138 May-19 2078 Jun-19 2960 Jul-19 2616 Aug-19 2861 Sep-19 2237 Oct-19 2225 Nov-19 1590 Dec-19 1659 Jan-20 1613 Feb-20 1605 Mar-20 2349 Apr-20 2468 May-20 2532 Jun-20 3127 Jul-20 3288 Aug-20 3285 Sep-20 2485 Oct-20 2723 Nov-20 1835 Dec-20 1894 Consider five years of monthly profit for a company Forecast monthly sales for 2022…
I need help soon a possible I have one and half.
Pls help ASAP
Calculate the following values for the permutations and combinations. a. P b. På 4 C. Co d. C 3/1 e. C1⁰ 10