I don't think that's how a fare level should be determined. I think that fare box recovery ratio is a poor way to set fares. We should instead set fares at a level likely to be able to compete with driving.
Edit: I think we've talked about this before here. People have linked to articles suggesting there are good reasons to ask transit users to pay some amount of their cost, so they feel ownership over the system and so on.
Edit: I think we've talked about this before here. People have linked to articles suggesting there are good reasons to ask transit users to pay some amount of their cost, so they feel ownership over the system and so on.