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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?

Question:The total operating revenues of a public transportation authority are $100 million whileits total operating costs are $120 million. The price of a ride is $1, and the price elasticityof…

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