Midpoint Method Calculations Use the midpoint method to solve for the price elasticity of demand for each of the following price/quantity combinations. Once solved: state for this range of prices whether the good is elastic, inelastic, or unit-elastic. Why do you come to this conclusion?
First Group
P1 = $10
P2 = $12
Q1 = 20
Q2 = 5
Second Group
P1 = $10
P2 = $12
Q1 = 20
Q2 = 18