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In the City of Joplin, due to weather devastation and hurricane effects, the cost of parking...


In the City of Joplin, due to weather devastation and hurricane effects, the cost of parking in the local Square has increased by 15%. This change has not only reduced the number of vehicles that travel to the Square by 10%, but it has also forced the inhabitants of Joplin to use buses. Bus trips have therefore increased to 25%. With respect to the cost of parking in the local Square, determine the elasticity of vehicle traffic?

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Answer #1

Answer:-

Net % increase in vehicle consumption = % Increase in bus trips - % Decrease in private cars = 25% - 10% = 15%

Elasticity of vehicle traffic = Net % increase in vehicle consumption / % increase in parking cost

= 15% / 15%

= 1

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