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Business, 20.02.2020 20:38 bibigardeax

Suppose you are in charge of a toll bridge that costs essentially nothing to operate. The demand for bridge crossings Q is given by P = 15 - ( 1/ 2) Q. A. How many people would cross the bridge if there were no toll? B. What is the loss of consumer surplus associated with a bridge toll of $ 5?C) At this price how many people would cross the bridge?D) Would the toll bridge revenue increase or decrease?E) What does your answer tell you about the elasticity of demand?F) Find the loss of consumer surplus associated with the increase in price of the toll from $5 to $7.

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