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Elasticity of Vehicle Traffic in the City of Joplin

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

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

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