Question
upstudy study bank question image url

(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.

Ask by Marshall Perkins. in the United States
Jan 22,2025

Real Tutor Solution

Tutor-Verified Answer

Answer

**Units of Measurement for the Slope:** Rides per day per dollar **Interpretation of the Slope:** As you increase the price, the ridership decreases.

Solution

Sign in to Unlock Answers for Free!

A Learning Platform Trusted by Millions of Real Students and Teachers.

star-icon Unlock

Reviewed and approved by the UpStudy tutoring team

Mind Expander

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.

Try Premium now!
Try Premium and ask Thoth AI unlimited math questions now!
Maybe later Go Premium
Study can be a real struggle
Why not UpStudy it?
Select your plan below
Premium

You can enjoy

Start now
  • Step-by-step explanations
  • 24/7 expert live tutors
  • Unlimited number of questions
  • No interruptions
  • Full access to Answer and Solution
  • Full Access to PDF Chat, UpStudy Chat, Browsing Chat
Basic

Totally free but limited

  • Limited Solution
Welcome to UpStudy!
Please sign in to continue the Thoth AI Chat journey
Continue with Email
Or continue with
By clicking “Sign in”, you agree to our Terms of Use & Privacy Policy