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)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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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