Determine the equilibrium demand and price

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Reference no: EM131001913

The following equations represent the demand and supply functions associated with a given passenger railway route for a particular season: Demand function: V =400 – 12P Supply function: P = 1.5 - 0.03V + 0.006V2 where V is the daily passenger trips along the route and P is the fare in dollars. a) Determine the equilibrium demand and price b) What is the maximum demand along the route? c) What is the minimum ticket price? d) Repeat part a) with a Supply function P = 1.5 - 0.03V - 0.006V2

Reference no: EM131001913

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