Question: TTC is considering a fare hike. At the current fare of $2.00, daily ridership is 24,000 people. The city estimates that if it raises the

TTC is considering a fare hike. At the current fare of $2.00, daily ridership is 24,000 people. The city estimates that if it raises the fare to $3, ridership will decline to 21,000 people. Using the mid-point method of calculating elasticity, which of the following is price elasticity of demand?

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