The current toll for the use of a certain toll road is 2 75

Last updated: 9/22/2023

The current toll for the use of a certain toll road is 2 75 A study conducted by the state highway department determined that with a toll of p dollars q cars will use the road each day where q 60 000e 0 4p Is demand elastic or inelastic at p 2 75 To determine if demand is elastic or inelastic the elasticity must be computed To compute the elasticity of demand for the given equation use the formula for elasticity What is the formula for elasticity pf p OA E p f p O OC E p B E p pf p f p D E p pf p f p pf p f p 0 4p Notice that f p q 60 000e is given in the problem statement but f p is not Calculate f p 60 000e 0 4p d f p