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Question 1 1 pts In 2010, the TTC raised its fare from $2.25 to $2.50, and estimated that this change would cause: - annual revenue to rise by $50 million; - annual ridership (demand) to fall by 11.5 million rides. Draw a graph that illustrates the excess burden of the TTC fare, before and after the 'I'I'C change. Clearly label axes, relevant points, and the areas representing excess burden before and after the change. Upload Choose a File Question 2 1 pts In the TTC example above, what is the estimated change in excess burden resulting from the fare increase, assuming that the marginal cost of the TTC is $1 per ride? 17.25 11.5 50.0 insufcient information to answer Question 3 0 pts Suppose there is a 10 percent tax is imposed on airline tickets. Calculate the excess burden of the tax, assuming the (compensated) price elasticity of demand is 1.1, and ticket revenues are $99 billion annually. $450 million $9.0 billion $900 million