Suppose demand is given by the equation: 
Using the midpoint method,what is the price elasticity of demand between $2 and $4?
Definitions:
Perfectly Elastic
An economic term describing a situation where the quantity demanded or supplied changes infinitely in response to any change in price.
Increasing-Cost Industry
Industry whose long-run supply curve is upward sloping.
Output Tax
A tax levied on the production or output of goods and services, often implemented to regulate or diminish the production of certain products.
Cost And Supply Curves
Graphical representations that show how the cost of producing a good and the quantity supplied vary with quantity produced.
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