What is Fare?
Fare is the price paid to use a transportation service, such as a bus, train, taxi, or plane. It is the cost passengers must pay to travel from one place to another.
Types of Fares
There are different types of fares depending on the mode of transportation. Some common types include:
- Flat fare: A fixed price regardless of distance traveled
- Zone fare: Cost varies based on the number of zones traveled
- Metered fare: Calculated based on distance traveled or time spent in the vehicle
Factors Affecting Fares
Several factors can influence the price of fare, such as:
- Distance traveled
- Peak vs. off-peak hours
- Type of transportation
- Availability of seats
Case Studies
For example, in a study conducted by a transportation company, it was found that offering discounted fares during off-peak hours increased ridership by 20%. This led to an overall increase in revenue for the company.
Statistics on Fares
A recent survey on transportation fares revealed that 60% of passengers are willing to pay a premium for faster and more comfortable services. This shows that passengers are willing to pay more for added convenience and efficiency.
