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N76 [4]
2 years ago
8

If the number of memberships at the local gym increased from 400 to 500 when the membership price fell from $48 to $40 per month

, the absolute value of the price elasticity of demand coefficient, rounded to one decimal place, is:
Business
1 answer:
masya89 [10]2 years ago
8 0

The price elasticity of demand coefficient, rounded to one decimal place is 1.5

<h3>How to calculate price elasticity of demand</h3>

Change in price = $48 - $40

= $8

% change in price = 8/48 × 100

= 16.67%

change in quantity demanded = 500 - 400

= 100

% change in quantity demanded = 100/400 × 100

= 25%

Price Elasticity of Demand = percent change in quantity ÷ percent change in price

= 25% ÷ 16.67%

= 1.49970005998800

Approximately, 1.5

Learn more about price elasticity:

brainly.com/question/24384825

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