Please show all work for this quiz and explain your derivations. Lack of step-by-step work will not be credited. Partial credit will be given for step-by-step description of answer
In the City of Joplin, due to weather devastation and hurricane effects, the cost of parking in the local Square has increased by 15%. This change has not only reduced the number of vehicles that travel to the Square by 10%, but it has also forced the inhabitants of Joplin to use buses. Bus trips have therefore increased to 25%. With respect to the cost of parking in the local Square, determine the elasticity of vehicle traffic.