3. Why would the fare short run and long run elasticities differ? tt'tlhyr would the travel lime elasticities differ between the two resident groups? 1Would the above differences in elasticities between the two resident groups, together with the negative income elasticity, have any implication to Mr. King's strategy in the short? {Assume that King's bus company has some degree of market power for the services on the route. Don't bother to think in terms of numbers. What we need is a logicat vet imaginative idea that will help Mr. King out!! So tryr to discuss within your team for some managerial breakthrough. Even if you feel short of a cool idea, don't panic. We will come back to the issue in a few weeks. )