A study of the demand for air travel between two cities

Last updated: 6/6/2023

A study of the demand for air travel between two cities depends on the airfare according to th following demand equation q 55 6 0 022p a Find the elasticity when the price is 166 53 E Round to the nearest thousandth as needed b Is the demand for airfare elastic or inelastic at this price The demand for airfare at 166 53 is 1 c Find the price that maximizes revenue Revenue will be maximized when the price is Round to the nearest dollar as needed 1 O inelastic O elastic