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As a transit planner, your job is to predict ridership and total fare revenue. Suppose that short-run elasticity of demand for commuter rail (over a one-month period) is 0.60, and the long-run elasticity (over a two-year period) is 1.60. The current ridership is 100,000 people per day. Suppose that the transit authority decides to increase its fares 10% from $2.00 to $2.20.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91228458

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