The city government is losing millions of dollars on the, Business Economics

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The city government is losing millions of dollars on the

The city government is losing millions of dollars on the system of mass transit (buses and subways). The government proposes to increase the fare of a ticket by 20% and they have asked your advice. You know that the price elasticity of demand for mass transit in the city is approximately equal to 0.75. What do you think of the proposal to increase the fare to raise revenue for the city? Be very brief and as specific as possible.

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