So the equation for elasticity is E = %changeQuantity / %changePrice
How do you calculate the % change for each?
I learned 2 methods, the midpoint method and this other method which is (q2-q1)/q2 divided by (p1-p2)/p2
midpoint is (q2-q1/average of the two) divided by (p2-p1/average of the two)
So which one is used to calculate % change?