A 2014 Union of BC Municipalities report documents that between 2003-2013 ferry fares increased by 30% and ridership fell by 11%. a. What is the estimated elasticity of ferry services (assuming no other changes took place over that time)? dai spo b. What do you think happened to the profits of BC ferries over this time period, given your answer to (a). Explain briefly. c. A government minister dismissed the UBCM report and said that "it's too simple to claim that ridership falls with price increases." How would you (as an economist) respond to the minister?