Short-Run elasticity (SRE) and Long-Run Elasticity? (LRE)

Short-Run elasticity (SRE) and Long-Run Elasticity? (LRE)
Paper instructions:
Answer the questions:

a) What is the relationship between congestion price and travel time on HOT lane? and Write an equation that relates congestion price to travel time.
b) Write the formula for price elasticity. What is the difference between Short-Run elasticity (SRE) and Long-Run Elasticity? (LRE)

c) Explain four common congestion pricing strategies in use.

d.) On an HOT lane what time (s) of day would you expect to have the greatest demand?
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