70 Quantity de- manded (rides per month) 160 120 80 40 Quantity de- manded (rides per month) 160 120 80 40 0 (a) Calculate the price elasticity of demand for taxicab rides as the fare rises from $5 to $6. (Use the midpoint method in your calculations.) Is the demand price elastic or inelastic for this fare rise? (b) What happens to the taxicab drivers @ total revenue if the fare rises from $5 to $6? How can you use your answers in part a to answer this question? Should the drivers try to