Question: The question below. 7. The demand function for a transit system can be represented by a straight line connecting fare per person and ridership. Observations

The question below. 7. The demand function for a transit system can be represented by a straight line connecting fare per person and

The question below.

ridership. Observations made on this system resulted in the following: When the

fare was $1.50 per ride, the ridership per hour was 2000; when

7. The demand function for a transit system can be represented by a straight line connecting fare per person and ridership. Observations made on this system resulted in the following: When the fare was $1.50 per ride, the ridership per hour was 2000; when the fare was raised to $2 per ride, the ridership dropped to 1000. What is the equation of the demand function? What would the patronage be if the fare were: (a) 50 per ride? (b) Zero?

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