Suppose demand is given by the equation: 
Using the midpoint method, what is the price elasticity of demand between $1 and $2?
Definitions:
Induction
Induction is a method of reasoning that involves drawing general conclusions from specific observations or instances.
Deduction
The process of reasoning from one or more general premises to reach a logically certain conclusion.
Analogy
A comparison between two things, typically for the purpose of explanation or clarification.
Conclusion
A conclusion is the final part of an argument or process, logically deduced from the premises or evidence presented.
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