Using the Midpoint Formula, Calculate the Price Elasticity of Demand

Essay

Using the midpoint formula, calculate the price elasticity of demand using the midpoint formula for the following four products.
$$\begin{array} { | l | l | l | l | } \hline & \text { Apples } & \text { Grapes } & \text { Peaches } \\\hline \text { P1 } & 1 & 1 & 2.5 \\\hline \text { P2 } & 0.75 & 0.5 & 1 \\\hline \text { Q1 } & 350 & 750 & 700 \\\hline \text { Q2 } & 500 & 1,250 & 900 \\\hline\end{array}$$