The Kowloon Motor Bus (KMB) Company Limited has done a research on the price elasticity of demand for bus service. The following table shows that the price elasticity of demand varies in different timeslots of a day. Timeslots                              Price elasticity of demand7:00 a.m. – 10:00 a.m.                             0.510:00 a.m. – 5:00 p.m.                            1.55:00 p.m. – 8:00 p.m.                              0.78:00 p.m. – 12:00 mid-night                   2.0 Explain the meaning of those numbers of price elasticity of demand, and why the demand for bus service has different levels of price elasticity of demand during different timeslots?

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