Question

When the price of bubble gum is $0.50, the quantity demanded is 400 packs per day. When the price falls to $0.40, the quantity demanded increases to 600. Given this information, the demand for bubble gum and the resulting elasticity is:

a.
2.5, elastic

b.
1.81, elastic

c.
0.81, inelastic

d.
0.50, inelastic

Answer 1

Answer:

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