Demand Schedule for Rocky Road Bus Company: Bus Fare Passengers Total Revenue ARC Elasticity of Demand...
Demand Schedule for Rocky Road Bus Company:
| Bus Fare | Passengers | Total Revenue | ARC Elasticity of Demand |
| $1.00 | 0 | ||
| 0.9 | 10 | ||
| 0.8 | 20 | ||
| 0.7 | 30 | ||
| 0.6 | 40 | ||
| 0.5 | 50 | ||
| 0.4 | 60 | ||
| 0.3 | 70 | ||
| 0.2 | 80 | ||
| 0.1 | 90 | ||
| 0 | 100 |
1) Calculate the total revenue earned by Rocky Road at each price.
2) Please show work and Calculate the arc elasticities of demand.
3) What bus fare should Rocky Road charge in order to maximize its revenues?
Homework Answers
Add Answer to:
Demand Schedule for Rocky Road Bus Company:
Bus Fare
Passengers
Total Revenue
ARC Elasticity of Demand...
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