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The total operating revenues of a public transportation authority are $100 million while its total operating costs are $120 million. The price of a ride is $1, and the price elasticity of demand for public transportation is -0.4. By law The PTA must take steps to eliminate its operating deficit. Should the transportation authority increase or decrease the price per ride based upon the price elasticity of demand?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M957544

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