Zumba classes sell 20 participant spots at a price of $4.50 each. When the instructor raised the pricesto $5.50, 10 people attended the class. From the midpoint method, the price elasticity of demand forZumba is-0.20.-0.50-0.20-3.33-2.50

The Midpoint Method is a technique used to calculate the percent change in a variable by comparing…

Answered: Zumba classes sell 20 participant spots…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Zumba classes sell 20 participant spots at a price of $4.50 each. When the instructor raised the prices to $5.50, 10 people attended the class. From the midpoint method, the price elasticity of demand for Zumba is -0.20. -0.50 -0.20 -3.33. -2.50.