An Economist Collected the Following Data Points on the Demand $\begin{array}{llcc} \text {Price } &\text { Quantity Demanded } \\ \$ 10 & 5,000 \\\$ 12 &4,000 \\\end{array}$

Essay

An economist collected the following data points on the demand for gadgets.
$\begin{array}{llcc} \text {Price } &\text { Quantity Demanded } \\ \$ 10 & 5,000 \\\$ 12 &4,000 \\\end{array}$
Using the midpoint method, what is the price elasticity of demand? Use your answer to determine whether demand for this product is elastic or inelastic.