Case 1. A few years ago, the LRT fare was increased from P8 to P10. As a result, the number of passengers regularly riding it decreased by approximately 5% from the previous daily estimate of 100,000. What can you say about the for LRT? Did daily revenues increase or decrease for the duration of the hike in LRT fare?

Case 1. A few years ago, the LRT fare was increased from P8 to P10. As a result, the number of passengers regularly riding it decreased by approximately 5% from the previous daily estimate of 100,000. What can you say about the for LRT? Did daily revenues increase or decrease for the duration of the hike in LRT fare?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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