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The bay area subway system, Bart, offers senior citizens discounted fares for Bart rides. this suggests that Bart authorities believe that senior citizens have a more price elastic demand for subway rides.
The price elasticity of demand is the ratio of the rate of change in quantity demanded of a product to the rate of change in price. Economists use it to understand how supply and demand change when the price of a product changes.
Durable goods are an example of a product with elastic demand. These are items that are rarely bought, such as washing machines and cars, and can be moved if prices increase. For example, car discounts have been very successful in increasing car sales through lower prices.
Learn more about price elastic demand here: https://brainly.com/question/5078326
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