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Define price elasticity of the volume of passenger demand

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Reference no: EM131566908

Question: (a) A study of Norway's State Railways revealed that, for rides up to 60 km, the price elasticity of the volume of passenger demand was approximately -0.4. According to this study, what is the consequence of a 10% increase in fares?

(b) The corresponding elasticity for journeys over 300 km was calculated to be approximately -0.9. Can you think of a reason why this elasticity is larger in absolute value than the previous one?

Reference no: EM131566908

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