The table shows information on the conditions of demand for ordinary gummy bears and their sugar-free version. Regular Gummy Bears Demanded (thousands of kg) 485.00 379.00 273.00 155.00 Price ($ per kg) $2.20 $2.60 $3 $3.40 Sugar-free Gummy Bears Demanded (thousands of kg) 181.00 175.00 157 137.00 As the price of gummy bears rises from $2.60 to $3, what are the price elasticities of demand of sugar-free gummy bears and of ordinary gummy bears? Use the midpoint method and specify answers to one decimal place. Elasticity of demand of sugar-free gummy bears: Elasticity of demand of regular gummy bears:
The table shows information on the conditions of demand for ordinary gummy bears and their sugar-free version. Regular Gummy Bears Demanded (thousands of kg) 485.00 379.00 273.00 155.00 Price ($ per kg) $2.20 $2.60 $3 $3.40 Sugar-free Gummy Bears Demanded (thousands of kg) 181.00 175.00 157 137.00 As the price of gummy bears rises from $2.60 to $3, what are the price elasticities of demand of sugar-free gummy bears and of ordinary gummy bears? Use the midpoint method and specify answers to one decimal place. Elasticity of demand of sugar-free gummy bears: Elasticity of demand of regular gummy bears:
Chapter6: Elasticities
Section: Chapter Questions
Problem 5P
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