Answered: If the price of Zumba class increases…

If the price of Zumba class increases by 20%, while the quantity demanded for Zumba decreased by 40%, what is the price elasticity of demand for Zumba? A. 2 B. 1 C. 0.5 D. 1.5

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 10P: If the midpoint on a straight-line demand curve is at a price of $7, what can we say about the...

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Question

If the price of Zumba class increases by 20%, while the quantity demanded for Zumba decreased by 40%, what is the price elasticity of demand for Zumba?

	A.	2
	B.	1
	C.	0.5
	D.	1.5

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