The figures are invented. A city bus company carries 12,000 passengers a day at a fare of $2.50. The price elasticity of demand for bus journeys is −0.4. The fare rises to $3.00. (i) Calculate the new number of passengers per day. [2] (ii) Calculate the change in the company's daily total revenue. [2]

Paper 2-style short part (standalone practice; not an IB question).