Economics Plus MyLab Economics with Pearson eText (2-semester Access) -- Access Card Package (6th Edition) (The Pearson Series in Economics)
6th Edition
ISBN: 9780134417295
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Textbook Question
Chapter 6, Problem 6.2.7PA
The entrance fee into Yellowstone National Park in northwestern Wyoming is “$50 for a private, noncommercial vehicle; $40 for a motorcycle; or $20 for each visitor 16 and older entering by foot, bike, ski, etc.” The fee provides the visitor with a seven day entrance permit into Yellowstone and nearby Grand Teton National Park.
- a. Would you expect the demand for entry into Yellowstone National Park for visitors in private, noncommercial vehicles to be elastic or inelastic? Briefly explain.
- b. There are three general ways to enter the park: in a private, noncommercial vehicle; on a motorcycle; and by foot, bike, or ski. Which way would you expect to have the largest
price elasticity of demand , and which would you expect to have the smallest price elasticity of demand? Briefly explain.
Source: National Park Service, Yellowstone National Park. “Fees, Reservations, and Permits.” http://www.nps.gov/yell/planyourvisit/feesandreservations.htm, 2015.
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Economics Plus MyLab Economics with Pearson eText (2-semester Access) -- Access Card Package (6th Edition) (The Pearson Series in Economics)
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