The price elasticities of demand of sugar-free gummy bears and of ordinary gummy bears is -0.8 and -2.3 respectively.
<h3>How to calculate price elasticity</h3>
Change in price of gummy bears = $2. 60 to $3
Elasticity of demand of sugar-free gummy bears =
[(273-379 / (273+379)/2] ÷ [(3.00-2.60)/(3.00+2.60) / 2]
= [-18/166] / [0.4/2.8]
= -0.10843373493975 / 0.14285714285714
= - 0.75903614457826
Approximately, -0.8
Elasticity of demand of regular gummy bears:
Sugar free = [(273-379) / (273+379)/2] ÷ (3.00 +2.60) / 2]
= [-106/326] / [0.4/2.8]
= -0.32515337423312 / 0.14285714285714
= -2.2760736196318
Approximately, -2.3
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The set of actions that represent the tactics include repositioning a product, marketing a product, etc.
<h3>Actions describing the tactics.</h3>
<u>Repositioning a product.</u>
- Research the current customer buying criteria.
- Display the R&D worksheet.
- Adjustments in performance, size, etc.
- Save the decision.
<u>Marketing a product.</u>
- Research the competitive environment.
- Display marketing worksheet.
- Enter decisions for price, promotion, and sales budget.
<u>Scheduling production.</u>
- Estimate the best case for the demand of each product in the year.
- Display the production worksheet.
- Consider the available inventory.
<u>Modifying plant as equipment</u>
- Estimate the maximum demand for current year and next year.
- Analyze the unit cost and margin.
- Display the production sheet.
- Modify the required changes in the capacity.
- Display the finance worksheet.
<u>Raising money and paying debt.</u>
- Analyze the proforma income statement.
- Analyze the proforma balance sheet.
- Display the finance worksheet.
- Issue or repurchase the required stock and bonds.
<u>Inventing a new product.</u>
- Research the opportunity in the segment.
- Select the product attributes.
- Display the R&D worksheet.
- Enter the product attributes.
- Display the production worksheet.
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