Problem $14\mathrm{.}02($algo$)$

The New York Times newspaper uses a metered subscription model in which anyone can look at up to $30$ articles per month for free online but then must pay for a monthly subscription to read additional articles. In $2020,$ The New York Times had $140$ million unique online readers per month but only $8$ million digital subscribers.

a$.$ What percentage of The New York Times' online readership is a subscriber?

Instructions: Round your answer to $1$ decimal place.

percent

b$.$ What does this suggest about the elasticity of demand for the newspaper's product?

This suggests that the elasticity of demand for the newspaper's product is quite $($Click to select$)v,$ meaning that a $1$ percent $($Click to select$)v$ in its price causes a much $($Click to select$)v$ than $1$ percent $($Click to select$)v$ in the number of users of the product.