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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