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3. Suppose the price elasticity of demand for subway trains in Boston and New York City is almost close to zero. If the city authority

3. Suppose the price elasticity of demand for subway trains in Boston and New York City is almost close to zero. If the city authority raises the fare of MBTA passengers by 20% over its current prices to cover the loss of operation of MBTA, how much increase in revenue do you expect due to fare increase of 20%? Give reasoning to substantiate your answer.

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