According to a news story about the bus system in the Lehigh Valley in Pennsylvania, Ridership fell

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According to a news story about the bus system in the Lehigh Valley in Pennsylvania, Ridership fell 14 percent in 2012 after a 33 percent increase in bus fares. Based on this information, is the demand for bus trips price elastic or price inelastic? Explain your answer in terms of the five determinants of price elasticity.
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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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