1. A 10 percent rise in the price of bus fares increases the quantity demanded of taxi by 6% and decreases the quantity of demanded of bus by 8%. a) Calculate the price elasticity demand (PED) for bus services? Is the bus services price elastic or price inelastic? What will happen to the bus company's total revenue after it raises it price? Why? b) Calculate the cross elasticity of demand (CED) for bus services and taxis. Are bus services and taxis complement or substitutes? Explain