When a gym owner sells spots in Zumba classes at a price of $4.50 per person, they have 20 customers. When the instructor raised the prices to $5.50, the number of customers falls to 10 people. Using the midpoint method, the price elasticity of demand for Zumba classes is:
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When a gym owner sells spots in Zumba classes at a price of $4.50 per person, they have 20 customers...
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