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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. Draw the demand curve for bridge crossings.
b. How many people would cross the bridge if there were no toll?
c. What is the loss of consumer surplus associated with a bridge toll of $5?
d. The toll-bridge operator is considering an increase in the toll to $7.At this higher price, how many people would cross the bridge? Would the toll-bridge revenue increase or decrease? What does your answer tell you about the elasticity of demand? e. Find the lost consumer surplus associated with the increase in the price of the toll from $5 to $7.
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Select any four of the six summary statements and explain in detail the significance and possible causes of each item. Be sure to use the economic concepts and polices discussed in your textbook where applicable. Identify possible economic policie..
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