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You are the manager of a gas station and your goal is to maximize profits.

You are the manager of a gas station and your goal is to maximize profits. Based on your past experience, the elasticity of demand by Texans for a car wash is -4, while the elasticity of demand by non-Texans for a car wash is -6. If you charge Texans $20 for a car wash, how much should you charge a man with Oklahoma license plates for a car wash?



$1.50



$15.00



$18.00



$20.00

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Expert Solution

jeff jeffy answered 2 years ago
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