When the price of candy bars is $1.00, the quantity demanded is 500 per day. When the price falls to $0.80, the quantity demanded increases to 600. Given this information and using the midpoint method, we know that the demand for candy bars is
Inelastic T/F

This statement is true.

Explanation:

The price elasticity of demand measures the change in quantity demanded of a commodity because of a rise in the price of a commodity.

The midpoint method of calculating elasticity finds the elasticity of demand between two points on the same demand curve.

The midpoint price elasticity of demand is

=

=

=

=

=

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= -0.822

So we see that the midpoint elasticity of demand is less than 1, which means demand is inelastic.

answer; /// i believe the correct answer is ( column break);

i would say iii (3) because in order to compare a price you have to use as a reference other near stores because it's its

hope i explained myself