Imagine that you run the toll authority for a city bridge. You must charge all of your customers the exact same toll. Initially, you have set the price at $6 per trip. The blue line on the following graph shows the daily demand curve for trips across the city bridge. On the following graph, use the purple rectangle (diamond symbols) to shade the area representing the total daily revenue when the toll is $6 on the graph. Notice that when you click on the rectangle, the area is displayed. TOLL (Dollars per vehicle) 10 9 8 3 2 1 0 0 Demand 5 10 15 20 25 30 35 40 QUANTITY (Thousands of vehicles per day) 45 When the toll is $6, total revenue is $ 50 TR at $6 TR at $8 (?) An advisor has suggested that if you raise the toll to $8, the toll authority would bring in more revenue. To analyze this, use the green rectangle (triangle symbols) to shade the area representing the total daily revenue when the toll is $8 on the graph. thousand per day, but when the toll is $8 inelastic enue is $ Based on your analysis, you can conclude that your advisor is in suggestin $6 to $8, because the demand for trips across the bridge for prices between $6 and $8 is elastic thousand per day. revenue would rise if you increase the toll from

Imagine that you run the toll authority for a city bridge. You must charge all of your customers the exact same toll. Initially, you have set the price at $6 per trip. The blue line on the following graph shows the daily demand curve for trips across the city bridge. On the following graph, use the purple rectangle (diamond symbols) to shade the area representing the total daily revenue when the toll is $6 on the graph. Notice that when you click on the rectangle, the area is displayed. TOLL (Dollars per vehicle) 10 9 8 3 2 1 0 0 Demand 5 10 15 20 25 30 35 40 QUANTITY (Thousands of vehicles per day) 45 When the toll is $6, total revenue is $ 50 TR at $6 TR at $8 (?) An advisor has suggested that if you raise the toll to $8, the toll authority would bring in more revenue. To analyze this, use the green rectangle (triangle symbols) to shade the area representing the total daily revenue when the toll is $8 on the graph. thousand per day, but when the toll is $8 inelastic enue is $ Based on your analysis, you can conclude that your advisor is in suggestin $6 to $8, because the demand for trips across the bridge for prices between $6 and $8 is elastic thousand per day. revenue would rise if you increase the toll from

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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