Class Work

Problems
1.
b) 30 people
c)the revenue would be $100
d)With increasing the toll price to $7, 16 people would cross the bridge. The revenue would increase.

2.The first statement I agree with because by the supply and demand curves shifting right you know quantity can by known. Price cannot be determined. The second statement disagree because as long as both curves overlap you can calculate the market equilibrium.

4.
a) movement along the curve
b) shifts the curve
c) movement along the curve

5.
a)P=6.56