Based on this survey, suppose Netflix decided to double the price of its service from $8 to $16. As a result, the number of Netflix subscribers falls from 60 million to 40 million. Use the mid-point formula to calculate the price elasticity of demand for Netflix. Type in both the formula (with the numbers used) and your answer in your response.
Based on your calculation; is Netflix elastic, inelastic, or unit elastic? Explain your answer.
Would Netflix generate more revenue if it made this price change? Explain your answer.
Helpppp please
