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Question 4: Cruising for Parking II
The UCLA transportation economist Donald Shoup developed a formula to explain the rational maximum cruising time for parking. Calculate the cruising time elasticity (i.e., the point elasticity using calculus) with respect to the price (p). At a price of p=5 and m=12, what is the elasticity of c with respected to p?
At this point, how will a 1% increase in p alter the maximum cruising time? Refer to the elasticity you calculated.
New elasticity .- 7(10- 7)- 73: – 2.33 (01) 2.3%.It implies increasing curb pricing wouldmake elasticity greater that indicatesraising the curb parking price by ly.reduces the drivers are…