The table shows information on the conditions of demand for ordinary gummy bears and their sugar-free version. Price ($ per kg) Sugar-free Gummy Bears Demanded (thousands of kg) Regular Gummy Bears Demanded (thousands of kg) $2.20$2.20 181.00181.00 485.00485.00 $2.60$2.60 175.00175.00 379.00379.00 $3$3 157157 273.00273.00 $3.40$3.40 137.00137.00 155.00155.00 As the price of gummy bears rises from $2.60$2.60 to $3$3, what are the price elasticities of demand of sugar-free gummy bears and of ordinary gummy bears? Use the midpoint method and specify answers to one decimal place. Elasticity of demand of sugar-free gummy bears: Elasticity of demand of regular gummy bears:
The table shows information on the conditions of demand for ordinary gummy bears and their sugar-free version. Price ($ per kg) Sugar-free Gummy Bears Demanded (thousands of kg) Regular Gummy Bears Demanded (thousands of kg) $2.20$2.20 181.00181.00 485.00485.00 $2.60$2.60 175.00175.00 379.00379.00 $3$3 157157 273.00273.00 $3.40$3.40 137.00137.00 155.00155.00 As the price of gummy bears rises from $2.60$2.60 to $3$3, what are the price elasticities of demand of sugar-free gummy bears and of ordinary gummy bears? Use the midpoint method and specify answers to one decimal place. Elasticity of demand of sugar-free gummy bears: Elasticity of demand of regular gummy bears:
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...
Related questions
Question
The table shows information on the conditions of demand for ordinary gummy bears and their sugar-free version.
| Price ($ per kg) | Sugar-free Gummy Bears Demanded (thousands of kg) | Regular Gummy Bears Demanded (thousands of kg) |
|---|---|---|
| $2.20$2.20 | 181.00181.00 | 485.00485.00 |
| $2.60$2.60 | 175.00175.00 | 379.00379.00 |
| $3$3 | 157157 | 273.00273.00 |
| $3.40$3.40 | 137.00137.00 | 155.00155.00 |
As the price of gummy bears rises from $2.60$2.60 to $3$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 regular gummy bears:
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning