Question: Would Total Revenue increase or decrease if the per ride fares were increased by 5% or 20% and how much will they go up (this

Would Total Revenue increase or decrease if the per ride fares were increased by 5% or 20% and how much will they go up (this requires a numeric answer, and you must show your work)? (9 Points)

PriceElasticityofDemand=QPPQ

Transit System	Avg. Fare Per Trip	Fare w/ 5% Increase	Fare w/ 20% Increase
City Transit	$0.99	$1.04	$1.19
Victory	$1.23	$1.29	$1.48
Frontier	$1.38	$1.45	$1.66
Regional Rail	$3.81	$4.00	$4.57

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