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Question about Price Elasticity of Demand and Total Revenue
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 has been estimated to be -0.4. By law, the public transportation authority must take steps to eliminate its operating deficit.
(a) What pricing policy should the transportation authority adopt? Why?
(b) What price per ride must the public transportation authority charge to eliminate the deficit if it cannot reduce costs?
Suppose that the town of Grayrock had a population of 10,000 in 1998 and a population of 12, 000 in 2003.
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Emily makes cartoons whioch she sells to her classmates. Her average product of labor is 5 cartoons every hour if she works for one hour, four per hour
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