Student ExamToll rate in 2012 $10.00. Toll rate in 2016 $9.00.For every 100 cars using the toll ro

Student ExamToll rate in 2012: $10.00. Toll rate in 2016: $9.00.For every 100 cars using the toll roads in 2012, 120 cars will use the toll roads in 2016. (Part A) Using the midpoint formula, calculate the price elasticity of demand for Scenario 1 and Scenario 2. (10 points) (Part B) Assume 50,000 cars use California toll roads every day in 2012. What would be the daily total revenue received for each scenario in 2012 and in 2016? (6 points) (Part C) Is demand under Scenario 1 and under Scenario 2 price elastic, inelastic, or unit elastic? Briefly explain. (4 points) (Points : 20)

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