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Price elasticity of demand for taxi rides

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Reference no: EM131961808

In Australia, governments set the fares that taxi owners/drivers can charge. At various times, taxi owners/drivers stage protest asking to be allowed to increase their taxi fares so that their total revenue will increase.

a) What are taxi owners/drivers assuming about the price elasticity of demand for taxi rides, given their confidence that an increase in price will increase their revenue? Explain and provide a graph.

b) Why do they have such an assumption? Is it a realistic assumption? Explain and provide a graph.

Reference no: EM131961808

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