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.

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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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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 $3.15, what is the price elasticity of demand of sugar-free gummy bears and of
ordinary gummy bears? Use the midpoint method and specify answers to one decimal place.
elasticity of demand of regular gummy bears:
273
155
Transcribed Image Text:The table shows information on the conditions of demand of ordinary gummy bears and their sugar-free version. Sugar-free gummy bears demanded Regular gummy bears demanded (thousands of lb) (thousands of lb) Price ($/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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