The taxi fare in Metro City is regulated by the city council. Recently, the city council decided to raise the fixed rate for all ride within the city from $2.00 to $2.50 per ride. After this rise in fare, taxi ridership in Metro City decreased by 10 percent.

i. What is the price elasticity of demand for taxi rides in Metro City? Use the midpoint formula in your calculation.Is the demand for rides elastic or inelastic? Explain your answer.

ii. According to your estimate, what happened to the taxi drivers' revenue after the increase in the fare? Explain using the concept of price elasticity of demand.