(All Steps) The subway fare in your town has just been increased from a current level of 50 cents to $1.00 per ride. As a result, the transit authority

Question: The subway fare in your town has just been increased from a current level of 50

cents to $1.00 per ride. As a result, the transit authority notes a decline in rider-

ship of 30 percent.

Compute the price elasticity of demand for subway rides.
If the transit authority reduces the fare back to 50 cents, what impact would

you expect on the ridership? Why?

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(All Steps) The subway fare in your town has just been increased from a current level of 50 cents to $1.00 per ride. As a result, the transit authority

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