Complete the following reaction and provide a detailed, step-by-step mechanism for the process. 
Definitions:
Midpoint Formula
A method used in economics to calculate the elasticity of a variable, often used to estimate the price elasticity of demand by averaging the start and end points of a demand curve.
Elastic
A characteristic of a product or service demand that indicates a sensitivity to price changes, where a small change in price leads to a significant change in quantity demanded or supplied.
Immediate Market Period
A very short time frame in which the supply of goods is fixed, meaning that the quantity available for sale cannot be changed regardless of price.
Equilibrium Price
The price at which the quantity of a good demanded equals the quantity supplied, leading to market stability.
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