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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 has been estimated to be - 0.4. By law, the public transportation authority must take steps to eliminate its operating defi cit.
( a) What pricing policy should the transportation authority adopt? Why?
( b) What price per ride must the public transportation authority charge to eliminate the defi cit if it cannot reduce costs?
When an economist says that a currency has become stronger, he or she means that it will buy less of foreign goods. it can be exchanged for more of a foreign currency.
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minimum wage legislation increases costs of production (and thus product prices) and creates an excess supply (unemployment) of unskilled labor.
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