Please see attachment and type out the correct answer ASAP with proper explanation of it.Will give you thumbs up only for the correct answer. The table shows information on the conditions of demand of ordinary gummy bears and their sugar-free version.Sugar-free gummy bears demandedRegular gummy bears demanded(thousands of lb)(thousands of lb)Price($/lb)$2.35$2.75$3.15$3.55181175157137elasticity of demand of sugar-free gummy bears:485379As the price of gummy bears rises from $2.75 to $3.15, what is the price elasticity of demand of sugar-free gummy bears and ofordinary gummy bears? Use the midpoint method and specify answers to one decimal place.elasticity of demand of regular gummy bears:273155

Price elasticity of demand measures the responsiveness of change in quantity demanded to change in…

The table shows information on the conditions of demand of ordinary gummy bears and their sugar-free version. Sugar-free gummy bears demanded (thousands of lb) Price ($/lb) $2.35 $2.75 $3.15 $3.55 181 175 157 137 Regular gummy bears demanded (thousands of lb) 485 379 273 155 As the price of gummy bears rises from $2.75 to $3.15, what is the price elasticity of demand of sugar-free gummy ordinary gummy bears? Use the midpoint method and specify answers to one decimal place.

The table shows information on the conditions of demand of ordinary gummy bears and their sugar-free version. Sugar-free gummy bears demanded (thousands of lb) Price ($/lb) $2.35 $2.75 $3.15 $3.55 181 175 157 137 Regular gummy bears demanded (thousands of lb) 485 379 273 155 As the price of gummy bears rises from $2.75 to $3.15, what is the price elasticity of demand of sugar-free gummy ordinary gummy bears? Use the midpoint method and specify answers to one decimal place.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please see attachment and type out the correct answer ASAP with proper explanation of it.

Will give you thumbs up only for the correct answer.

The table shows information on the conditions of demand of ordinary gummy bears and their sugar-free version.
Sugar-free gummy bears demanded
Regular gummy bears demanded
(thousands of lb)
(thousands of lb)
Price
($/lb)
$2.35
$2.75
$3.15
$3.55
181
175
157
137
elasticity of demand of sugar-free gummy bears:
485
379
As the price of gummy bears rises from $2.75 to $3.15, what is the price elasticity 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 regular gummy bears:
273
155

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