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A comment on Driverless cars are further away than you think. Parent comment
This is false.
Profit = Revenue - Costs Revenue = Demand * Price Costs = Demand * Variable Costs + Fixed Costs
Thus,
Profit = Demand * Price - Demand * Variable Costs - Fixed Costs
As long as variable costs < price then profit goes down when demand goes down.
This is false.
Profit = Revenue - Costs Revenue = Demand * Price Costs = Demand * Variable Costs + Fixed Costs
Thus,
Profit = Demand * Price - Demand * Variable Costs - Fixed Costs
As long as variable costs < price then profit goes down when demand goes down.