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Price Elasticity of Demand?
Suppose the price elasticity of demand for bus rides in Baltimore is .4. Suppose the bus fare increases by 10% by what percentage will ridership change? Explain? What will happen to total revenue obtained by the MTA???
Please help. I keep doing the math but I feel like I am soooo wrong!
1 Answer
- 8 years agoFavorite Answer
Not if gas prices keep going up. Bus will still make profit..Do the calculation yourself if its your homework.