Priscilla and Kayla have a business that provides exercise and personal fitness training services. Both know that after increasing their prices from $50 to $75 per hour, the quantity of hours spent delivering training services fell from 45 to 40 hours per week. The demand for their services is:
a) elastic, with a price elasticity greater than one
b) elastic, with a price elasticity less than one
c) inelastic, with a price elasticity greater than one
d) inelastic, with a price elasticity less than one

Question

20-06-2024
Business

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Priscilla and Kayla have a business that provides exercise and personal fitness training services. Both know that after increasing their prices from $50 to $75 per hour, the quantity of hours spent delivering training services fell from 45 to 40 hours per week. The demand for their services is:
a) elastic, with a price elasticity greater than one
b) elastic, with a price elasticity less than one
c) inelastic, with a price elasticity greater than one
d) inelastic, with a price elasticity less than one

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