The 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 10,000 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