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The subway fare in your town has just been increased from 50 cents to $1.00 per ride. As a result, the transit authority notes a

The subway fare in your town has just been increased from 50 cents to $1.00 per ride. As a result, the transit authority notes a decline in ridership of 40 percent. What is the price elasticity of demand for subway rides? O 1.67 O -0.60 O 0.60 O -1.67

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