Mr Johnson spends R60 in the morning on Gautrain from Centurion to Sandton. In the afterno same trip costs R50. The fact that the Gautrain is more expensive during rush hour and less expensive during the afternoon implies that the demand for the Gautrain in the morning is during the afternoon the demand for the Gautrain is ......... a) less elastic, more elastic b) elastic, inelastic c) unit elastic, inelastic d) perfectly elastic, perfectly inelastic ****
Mr Johnson spends R60 in the morning on Gautrain from Centurion to Sandton. In the afterno same trip costs R50. The fact that the Gautrain is more expensive during rush hour and less expensive during the afternoon implies that the demand for the Gautrain in the morning is during the afternoon the demand for the Gautrain is ......... a) less elastic, more elastic b) elastic, inelastic c) unit elastic, inelastic d) perfectly elastic, perfectly inelastic ****
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter18: Pricing The Factors Of Production
Section: Chapter Questions
Problem 4TY
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