When the price of candy bars is $1.20, the quantity demanded is 490 per day. When the price falls to $1.00, the quantity demanded increases to 500. Given this information and using the midpoint method, we know that the demand for candy bars is

the demand for candy bar is inelastic since the Price elasticity of demand for candy bar is -1.21

Explanation:

To solve for the price elasticity of demand, using the mid point formulae, we utilize the formula below.

Percentage  change in Quantity/ Percentage change in Price

% change in Quantity using the midpoint formula;

(Q2-Q1)/ (Q1+Q2/ 2 )= (500- 400)/ (500+ 400/2)

=100/ 450 =0.22

% Change in Price using midpoint formulae =( P2-P1)/ (P2+P1/2)= (1.00- 1.20)/ (1.00+1.20)/2

-0.2 /1.1= -0.1818

Price elasticity of demand =0.22/ -0.1818 = -1.21

We can Therefore  say the demand for candy bar is inelastic

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