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[Solution] The subway fare in your town just increased from 50 cents to $1.00 per ride. As a result, the transit authority notes a decline in ridership

Question: The subway fare in your town just increased from 50 cents to $1.00 per ride. As a result, the transit authority notes a decline in ridership of 30 percent. a. Compute the price elasticity of demand for subway rides. b. If the transit authority reduces the fare back to 50 cents, what impact would you expect on the ridership? Why?

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[Solution] The subway fare in your town just increased from 50 cents to $1.00 per ride. As a result, the transit authority notes a decline in ridership

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