A Study Of The Demand For Air Travel Between Two Cities Depends On The Airfare A

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A study of the demand for air travel between two cities depends on the airfare according to the following demand equation. q = 55.5 — 0.023;: a. Find the elasticity when the price is $166.94.E = D (Round to the nearest thousandth as needed.) b. Is the demand for airfare elastic or inelastic at this price? The demand for airfare at $166.94 is l1. 1:. Find the price that maximizes revenue. Revenue will be maximized when the price is $|:|(Round to the nearest dollar as needed.)
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