In a city with a medium sized population, the equilibrium price for a city bus ticket is $1, and the number of riders each day is 9400. The short-run price elasticity of demand is -0.5, and the short-run elasticity of supply is 1. If the demand for bus tickets increased by 10% because of a rise in the world price of oil, what would be the new equilibrium price of bus tickets? (Hint: For each price, the quantity demanded is now 10% higher) New equilibrium price: __1__