Please calculate.

The government wants to reduce smoking for health reasons and believes it can do so by increasing cigarette prices through higher cigarette taxes. You are given the following information The price elasticity of demand for cigarettes (in absolute value) is 0.5 Government goal: To reduce the quantity of cigarettes demanded by 20 percent By what percent must the government raise the price of cigarettes by to achieve its desired goal? Enter your response rounded to 1 decimal place Your Answer: AnswerThe Light Rail Transit system (LRT) in Evetsville has been running significant losses. Transit officials have argued over whether to raise fares to combat the losses. Suppose that the current fare is $4, and the government is considering raising it to $5. Officials estimate that this reduces the number of rides purchased from 12,000 to 8,000 per day Using the midpoint formula, calculate the price elasticity of demand for LRT rides? Express in absolute value and round off to 2 decimal places. Your