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While most posts ITT were about single tickets, one should also consider other forms of tickets and how many people actually use single tickets.
My hometown Karlsruhe may not be a metropolitan area, but I have read their ridership statistics.
A single ticket inside the city is EUR 2.40, however barely anybody pays this.
Single tickets only account for 5% of all trips. The large majority, 90% of all trips, are made with monthly or yearly tickets.
A normal yearly ticket for the city area comes down to about 85 cents per trip assuming two daily trips including weekends.
Students, seniors, companies buying in bulk for their employees get discounts and pay even less per trip.
If they would make every user pay every single trip, the price of a single tricket could go down dramatically. But I guess the idea of the current system is to reward frequent users. Also collecting fares for each trip would mean a larger organisational overhead.