question archive The Kowloon Motor Bus (KMB) Company Limited has done a research on the price elasticity of demand for bus service
The Kowloon Motor Bus (KMB) Company Limited has done a research on the price elasticity of demand for bus service
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The Kowloon Motor Bus (KMB) Company Limited has done a research on the price elasticity of demand for bus service. The following table shows that the price elasticity if demand varies in different timeslots of a day.
| Timeslots | Price Elasticity of Demand |
|---|---|
| 7:00 a.m. - 10:00 a.m. | 0.5 |
| 10:00 a.m - 5:00 p.p. | 1.5 |
| 5:00 p.m - 8:00 p.m. | 0.7 |
| 8:00 p.p. - 12:00 mid-night | 2.0 |
Explain the meaning of those numbers of price elasticity of demand, and why the demand for bus service has different levels of price elasticity of demand during different timeslots.
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