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 and using the midpoint method, we know that the demand for bubble gum is .
a. inelastic.
b. elastic.
c. Unit elastic.
d. perfectly inelastic.
Answers: 1
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When the price of bubble gum is $0.50, the quantity demanded is 400 packs per day. When the price fa...
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