Suppose demand is given by the equation: 
Using the midpoint method, what is the price elasticity of demand between $2 and $4?
Definitions:
Logarithmic
Pertaining to or involving a logarithm, which is the exponent that indicates the power to which a base number is raised to obtain a specific number.
Arithmetic Method
A quantitative approach involving basic mathematical operations to solve problems or make calculations.
Learning-Curve Coefficients
Factors that quantify the rate of improvement or learning in an operation, typically showing how costs decrease as experience increases.
Labour-Intensive
Describes industries or processes that require a large amount of manual labor input compared to capital investment.
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