A boutique fitness chain has estimated the price elasticity of demand for its monthly premium membership to be -1.6.
If the chain decides to increase its monthly membership fee by 10%, what is the expected percentage change in its total revenue?
Decrease by 16.0%16.0\%16.0%
Decrease by 7.6%7.6\%7.6%
Decrease by 6.0%6.0\%6.0%
Increase by 10.0%10.0\%10.0%
