(b) Give the units of measurement and interpretation of the slope. dollars per day per ride rides per day per dollar dollars per ride per day days per dollars per ride Interpret the slope. As you increase the price, the ridership increases. As you increase the days, the price increases \( I \) As you increase the price, the ridership decreases. As you increase the number of riders, the price increases.
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The units of measurement for the slope can vary based on the context of your analysis. If the slope is defined as "dollars per day per ride," it indicates how much revenue increases with each additional ride taken daily. Alternatively, "rides per day per dollar" implies the number of rides consumers are willing to take for every dollar spent, showcasing demand elasticity in relation to pricing. Interpreting the slope further illuminates the relationship between variables. If the slope indicates that "as you increase the price, the ridership decreases," this reflects the common economic concept of demand elasticity, where higher prices typically discourage riders, shedding light on pricing strategy. Conversely, if the slope shows that "as you increase the number of riders, the price increases," this indicates a dynamic where greater demand may allow for fare hikes, suggesting a market-driven approach to pricing.