Question: You are required to write an essay up to 1,500 words to answer the following question:

In June 2014 Clifton Suspension Bridge Trust raised the toll charge to generate extra revenue for maintenance and repair. In November 2013 the First group cut bus fares in Bristol and surrounding areas to increase passenger numbers and revenue.

Evaluate the effects of these two pricing decisions, using the theory of price elasticity of demand.

Use the evidence presented in academic journal articles, newspaper articles and other credible sources.