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Elasticity of Vehicle Traffic in the City of Joplin

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In the City of Joplin, due to weather devastation and hurricane effects, the cost of parking in the local Square has increased by 20%. This change has not only reduced the number of vehicles that travel to the Square by 5%, but it has also forced the inhabitants of Joplin to use buses. Bus trips have therefore increased to 20%. With respect to the cost of parking in the local Square, determine the elasticity of vehicle traffic. ____

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Solution depicts the steps to estimate the elasticity of vehicle traffic.

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Percent change in number of vehicles=-5% (negative sign indicates the decrease in number of ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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