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Homework answers / question archive / You are employed by the Chicago Transit Authority (CTA)
You are employed by the Chicago Transit Authority (CTA). Currently the CTA is experiencing a budget shortfall and is contemplating changing subway fares to increase its revenue. It is estimated that the price elasticity of demand for the subway at current fares is -1.7. To increase its revenue the MTA should lower the subway fare? Tureo or False?Why?
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