Using the Midpoint Formula, Calculate the Price Elasticity of Supply

Essay

Using the midpoint formula, calculate the price elasticity of supply for the following three products.
$$\begin{array} { | l | l | l | l | } \hline & \text { Milk } & \text { Cheese } & \text { Sour Cream } \\\hline \text { P1 } & 1 & 3 & 2 \\\hline \text { P2 } & 1.5 & 5 & 2.5 \\\hline \text { Q1 } & 400 & 950 & 550 \\\hline \text { Q2 } & 300 & 500 & 500 \\\hline\end{array}$$