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Currently, 4900 people ride a certain commuter train each day and pay $9 for a ticket. The number of people q willing to ride the train at price p is q = 700 (10- p). The railroad would like to increase its revenue. (a) Is demand elastic or inelastic at p = 9? (b) Should the price of a ticket be raised or lowered? (a) Choose the elasticity of the demand below. inelastic elastic neither (b) What should the railroad do to increase revenue? The price should be lowered. The price should be raised.Currently, 4900 people ride a certain commuter train each day and pay $9 for a ticket. The number of people willing to ride the train at price p is q = 700 (10- p). The railroad would like to increase its revenue. (a) Is demand elastic or inelastic at p = 9 ? (b) Should the price of a ticket be raised or lowered? (a) Choose the elasticity of the demand below. inelastic elastic neither (b) What should the railroad do to increase revenue? The price should be lowered. The price should be raised. Curially 4800 people ride a cal commutex hain onch day and pay $9 fa a ticket The numbes of people c willing to das train at price pis q700 (10-√ the bood would like to incase its revenue (a) is demand elasican neastep (h)uld the price da ticket be maridware? (a) Choose the articity of the demand bekw inaleste Oastic nother (b) What should the railroad on in iarnase revenue? The para todo waed The price should be reise)

Currently, 4900 people ride a certain commuter train each day and pay $9 for a ticket. The number of people q willing to ride the train at price p is q = 700 (10- p). The railroad would like to increase its revenue. (a) Is demand elastic or inelastic at p = 9? (b) Should the price of a ticket be raised or lowered? (a) Choose the elasticity of the demand below. inelastic elastic neither (b) What should the railroad do to increase revenue? The price should be lowered. The price should be raised.Currently, 4900 people ride a certain commuter train each day and pay $9 for a ticket. The number of people willing to ride the train at price p is q = 700 (10- p). The railroad would like to increase its revenue. (a) Is demand elastic or inelastic at p = 9 ? (b) Should the price of a ticket be raised or lowered? (a) Choose the elasticity of the demand below. inelastic elastic neither (b) What should the railroad do to increase revenue? The price should be lowered. The price should be raised. Curially 4800 people ride a cal commutex hain onch day and pay $9 fa a ticket The numbes of people c willing to das train at price pis q700 (10-√ the bood would like to incase its revenue (a) is demand elasican neastep (h)uld the price da ticket be maridware? (a) Choose the articity of the demand bekw inaleste Oastic nother (b) What should the railroad on in iarnase revenue? The para todo waed The price should be reise)

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 13CQ: Suppose Erin, the owner-manager of a local hotel projects the following demand for her rooms: a....
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Currently, 4900 people ride a certain commuter train each day and pay $9 for a ticket. The number of people q willing to ride the train at price p is q = 700 (10- p). The railroad would like to increase its revenue. (a) Is demand elastic or inelastic at p = 9? (b) Should the price of a ticket be raised or lowered? (a) Choose the elasticity of the demand below. inelastic elastic neither (b) What should the railroad do to increase revenue? The price should be lowered. The price should be raised.Currently, 4900 people ride a certain commuter train each day and pay $9 for a ticket. The number of people willing to ride the train at price p is q = 700 (10- p). The railroad would like to increase its revenue. (a) Is demand elastic or inelastic at p = 9 ? (b) Should the price of a ticket be raised or lowered? (a) Choose the elasticity of the demand below. inelastic elastic neither (b) What should the railroad do to increase revenue? The price should be lowered. The price should be raised. Curially 4800 people ride a cal commutex hain onch day and pay $9 fa a ticket The numbes of people c willing to das train at price pis q700 (10-√ the bood would like to incase its revenue (a) is demand elasican neastep (h)uld the price da ticket be maridware? (a) Choose the articity of the demand bekw inaleste Oastic nother (b) What should the railroad on in iarnase revenue? The para todo waed The price should be reise)
Transcribed Image Text:Currently, 4900 people ride a certain commuter train each day and pay $9 for a ticket. The number of people q willing to ride the train at price p is q = 700 (10- p). The railroad would like to increase its revenue. (a) Is demand elastic or inelastic at p = 9? (b) Should the price of a ticket be raised or lowered? (a) Choose the elasticity of the demand below. inelastic elastic neither (b) What should the railroad do to increase revenue? The price should be lowered. The price should be raised.Currently, 4900 people ride a certain commuter train each day and pay $9 for a ticket. The number of people willing to ride the train at price p is q = 700 (10- p). The railroad would like to increase its revenue. (a) Is demand elastic or inelastic at p = 9 ? (b) Should the price of a ticket be raised or lowered? (a) Choose the elasticity of the demand below. inelastic elastic neither (b) What should the railroad do to increase revenue? The price should be lowered. The price should be raised. Curially 4800 people ride a cal commutex hain onch day and pay $9 fa a ticket The numbes of people c willing to das train at price pis q700 (10-√ the bood would like to incase its revenue (a) is demand elasican neastep (h)uld the price da ticket be maridware? (a) Choose the articity of the demand bekw inaleste Oastic nother (b) What should the railroad on in iarnase revenue? The para todo waed The price should be reise)
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