A bus transit agency reported total ridership of 110,000 passengers during the last reporting year. The fare level (i.e., the cost to ride the bus) was $1.25 per passenger that year. The transit...

A bus transit agency reported total ridership of 110,000 passengers during the last reporting year. The fare level (i.e., the cost to ride the bus) was $1.25 per passenger that year. The transit agency board is considering raising the fare to $1.50 for next year. For this particular transit system, it is known that the arc elasticity of ridership demand is -0.35. Estimate the impact of the fare increase on [a] total annual ridership and [b] total fare revenueNote: this question is related to my previous assignment. I forgot to attach it.