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The total operating revenue of a public transportation authority are $100 million while its total operating cost are $120 million. The price of a ride is $1, and the price elasticity of demand for public transportation has been estimated to be -.04. By law, the public transportation authority must take steps to eliminate its operating deficit. (a) is asking should the transportation authority increase or decrease the price per ride based upon the price elasticity of demand. (b) Suggestion: increase the price of a ride to be $1.50. your situation, I'll describe it briefly here.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M949818

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