The price of bus tickets increases from textsterling1.25 to textsterling1.50. If the demand for these tickets is price inelastic then, 1) what happens to the number of people riding buses AND 2) what will happen to bus company revenues?

ELASTICITY OF DEMAND

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The price of bus tickets increases from £1.25 to £1.50. If the demand for these tickets is price inelastic then, 1) what happens to the number of people riding buses AND 2) what will happen to bus company revenues?

A	Increase; 2) Increase
B	Decrease; 2) Increase
C	Decrease; 2) Decrease
D	No Change; 2) Increase

Explanation:

Detailed explanation-1: -AbhiBus is a leading ticketing application in India for different Bus services. It features 2500 bus partners and 100000 route options.

Detailed explanation-2: -What is the minimum age for APSRTC bus tickets? For children below five years of age, there is no separate ticket charge applicable in APSRTC. However, for children between the ages of 5 to 12, APSRTC charges half the ticket price of an adult.

Detailed explanation-3: -RedBus. Redbus: Best Bus Booking App in India. Make My Trip. MakeMyTrip is one of the best and famous travel booking app in India. AbhiBus. This is India’s first native bus and train ticket booking platform. ClearTrip. Travelyaari. Paytm Bus Booking. TicketGoose. eTravelSmart. More items •24-Feb-2022

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ECONOMICS (CBSE/UGC NET)

ECONOMICS

ELASTICITY OF DEMAND