Using the midpoint method, compute the elasticity of demand between points A and B. Is demand along this portion of the curve elastic or inelastic? Interpret your answer with regard to price and quantity demanded. Now compute the elasticity of demand between points B and C. Is demand along this portion of the curve elastic or inelastic? 
Definitions:
Unconscionable
Describes terms or agreements that are so unfair to one party that no reasonable or informed person would agree to them.
Life Insurance
A contract between an insurer and a policyholder that pays a designated beneficiary a sum of money upon the death of the insured person.
Necessary
Something essential or required in a particular situation, often used to describe conditions or actions needed to achieve a specific result.
Social Status
The position or rank of a person or group within the society, often determined by wealth, occupation, education, or family lineage.
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