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:
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are close substitutes, leading to price determination by supply and demand.
Coconuts
Tropical fruits with a hard outer shell and milky interior, known for their versatility in food products and industrial uses.
Fish
Aquatic animals that are typically cold-blooded, covered with scales, and equipped with fins, used as a significant food source for humans.
Comparative Advantage
An economic principle that refers to the ability of an entity to produce goods or services at a lower opportunity cost than others, leading to more efficient trade.
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