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A study in transport economics uses the relation t 04k106

Question: A study in transport economics uses the relation T = 0.4K1.06, where K is expenditure on building roads, and T is a measure of traffic volume. Find the elasticity of T w.r.t. K. In this model, if expenditure increases by 1%, by what percentage (approximately) does traffic volume increase?

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Mathematics: A study in transport economics uses the relation t 04k106

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