A gym manager lowers the weekly membership fee from $30 to $25. As a result, the number
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Question:
A gym manager lowers the weekly membership fee from $30 to $25. As a result, the number of persons purchasing this level of membership rises from 30 to 50. Calculate the price elasticity of demand. Is demand elastic, unitary elastic or inelastic? Does total revenue rise, fall or stay the same when the fee is reduced?
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