Describe the relationship between bus riders and gasoline

Reference no: EM13259054

In Pioneer ville the price elasticity of demand fro bus ridersis .5, the income elasticity of demand fro bus riders is -0.1 andthe cross elasticity of demand fro bus riders with respect togasoline 0.2

a) is the demand for bus riders elastic or inelasticwithrespect to the price of a bus ride? why
b) would an increase in bus fare increase the bus company toal revenue?
c) Describe the relationship between bus riders and gasoline
d) if teh price of gasoline increases by 10% with no changeinthe price of a bus ride how will the number of bus rideschange
e)In pioneer ville, is a bus ride a normal good or inferiorgood
f) In Pioneer ville are bus rides and gasoline sustitutes or complements?

Reference no: EM13259054

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