Concepts learnt would be

the concept of price elasticity

Explain the factors that influence price elasticities

Explain how individuals make use of the concepts of elasticity to explain their strategies (for sellers) and their decisions (for consumers)< <<<< This are roughly what was learnt today

Question:You are working the transport ministry and the management has asked you to make an assessment of the price elasticity of demand (PED) and price elasticity of supply (PES) of Mass Rapid Transportation . Discuss your assessment of the elasticities and justify based on the concepts you have learnt, including all the relevant factors that affect MRT's PED and PES.