The table shows information on the conditions of demand for ordinary gummy bears and their sugar-free version.Regular Gummy BearsDemanded (thousandsPrice($ per kg)$2.20$2.60$3$3.40Sugar-free GummyBears Demanded(thousands of kg)181.00175.00157137.00of kg)485.00379.00273.00155.00As the price of gummy bears rises from $2.60 to $3, what are the price elasticities 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 sugar-free gummy bears:Elasticity of demand of regular gummy bears:

The elasticity of demand:Elasticity is defined as the responsiveness to change in one variable. When…

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:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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