Answer:
the same
Explanation:
Price elasticity of demand is the change in the quantity demanded or purchased of a product in relation to its price change. In this equation, place has no effect on the price elasticity of demand. Therefore, for a snickers candy whether is sold at airport or at the grocery store the price elasticity of demand is the same.
Answer:
The price elasticity of demand for a Snickers candy bar at an airport is likely to be less than the price elasticity of demand for a Snickers candy bar at the grocery store.
Explanation:
The definition of elasticity of demand is the degree of change in the demand for a good with the change of its price.
In this case, we assume that change in the demand of candies at the airport is very low, usually the people don´t have another option and have to buy it , even if the price is higher than other places.
The elasticity at the grocery store will be higher at a grocery store because, the people have more option . If the product has a high price, the customer can leave it and look for another store.
So we can say that the price elasticity of demand for a Snickers candy bar at an airport is likely to be less than the price elasticity of demand for a Snickers candy bar at the grocery store.
