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.
Chapter20: Elasticity: Demand And Supply
Section: Chapter Questions
Problem 2E: Plot the price and quantity data given in the demand schedule of exercise 1. Put price on the...
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