question archive A transit planner must predict how many people ride commuter trains and how much revenues are generated from train fares
A transit planner must predict how many people ride commuter trains and how much revenues are generated from train fares
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A transit planner must predict how many people ride commuter trains and how much revenues are generated from train fares. According to a recent study, the elasticity of demand for commuter-train rides is -0.62. The current ridership is 100,000 people per day. If the transit authority decides to raise its fares by 20%, predict the change in ridership per day. Show the computations.
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