Saturday, July 19, 2008

Cross-Price Elasticity of Demand X

The Chicago Tribune reports:

Amtrak rides high as price of fuel soars

Soaring fuel prices are filling seats on Amtrak trains.... In the fiscal year that began Oct. 1, Amtrak ridership nationally has climbed 11 percent, to more than 21 million passengers, through June, and it expects to exceed the record 25.8 million set the previous year. "We believe the largest single reason is that people want to avoid the higher cost of driving their own vehicle," said Amtrak spokesman Marc Magliari.

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