Does anyone know how to calculate midpoint formula?

Question

anonymous · Answer

Do you know the formula for calculating midpoint, or just not understand it?

vshiroky · Answer

My teacher wants me to use my numbers to determine price elasticity using the midpoint formula

vshiroky · Answer

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vshiroky · Answer

But I don't understand how to put my numbers into action

anonymous · Answer

I'm sorry, I have no idea how to plug those values into the formula. A lot of the passage is wordy. Perhaps you need the price elasticity of demand formula? That would make more sense.

vshiroky · Answer

This is what the professor said....Why don't you use your numbers for honey baked turkey, to determine your own price elasticity of demand for this product?  Don't forget to use the midpoint formula.

anonymous · Answer

o.o I only see three numbers. $4.97 regular, 2 for $5.00 on sale, and 1% increase in price.  Generally, midpoint formula requires 4 values. I'm completely lost on this one.

vshiroky · Answer

Dang it. I am too :(

vshiroky · Answer

@jdoe0001 @jim_thompson5910 
Do either of you know how to do this?

jim_thompson5910 · Answer

Sorry I'm not that great at econ. This looks really foreign to me.