Ridership demand with the increase

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A bus traveling on the HOT lane currently charges $1.50 and has 100,000 riders per day. The transit agency is planning to raise fares to $2.00 and knows that the price elasticity for the bus is -0.21. What is the expected change in ridership demand with the increase in fare?

Reference no: EM131104542

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Ridership demand with the increase : A bus traveling on the HOT lane currently charges $1.50 and has 100,000 riders per day. The transit agency is planning to raise fares to $2.00 and knows that the price elasticity for the bus is -0.21. What is the expected change in ridership deman..
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