An increase in the price of a gym membership from$70to$90results in a decrease in membership from 2,880

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An increase in the price of a gym membership from$70to$90results in a decrease in membership from 2,880 to 1,920 members. The price elasticity of demand coefficient using the midpoint formula is for this gym.

0.25
0.625
1.4
1.6

Related Book For answer-question

Microeconomics

ISBN: 978-1429283434

3rd edition

Authors: Paul Krugman, Robin Wells

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Posted Date: Sep 17, 2022 05:17 AM

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An increase in the price of a gym membership from$70to$90results in a decrease in membership from 2,880

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Price elasticity of demand Q2 Q1 Q2 Q1 2 P2 P1 P2 P1 2 Point elastici... View the full answer

Microeconomics

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