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Business, 03.08.2019 11:30, danielburke24
At a total cost of $20, the number of trips is 190,000. if you use an estimate of the elasticity equal to 2, how many trips will people take when the fee is $16? (hint: take the percent change in price and multiply it by the elasticity of 2. this is the percent change in quantity. apply this to the 190,000 quantity at a $20 total cost. finally, subtract off this change from the 190,000 quantity.)
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At a total cost of $20, the number of trips is 190,000. if you use an estimate of the elasticity equ...
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