A major city was thinking about increasing its bus fares and commissioned a study to estimate the price elasticity of demand. The study estimated that elasticity was 0.4. What action should the city have taken to increase revenue from bus fares? a. Increase faresb. Decrease faresc. Do not change faresPart B:If the city examined the elasticity of bus fares again, what would they likely find? a. Elasticity is now greater than 1b. Elasticity is now less than 1c. Elasticity is O
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