Rain spoils the strawberry crop. as a result, the price of strawberries rises from $4 to $6 a box and the quantity decreases from 1,000 to 600 boxes a week. use the midpoint formula to derive the price elasticity of demand over this price range. then state if the demand for strawberries is elastic, inelastic, or unit elastic.

Mid point elasticity formula

[change in price] / [average price] ÷ [change in quantity] / [average quantity]

change in price = $6 - $4 = $2

average price = [$ 6 +$4] / $2 = 10/ 2 = 5

[change in price] / [average price] = 2/5

change in quantity = 1000 boxes - 600 boxes = 400 boxes

average quantity = [1000 boxes + 600 boxes] / 2 = 1600 boxes / 2 = 800
boxes

change in quantity / average quantity = 400/800 = 1/2

midpoint elasticity = 2/5 ÷ 1/2 =  4/5 = 0.8

0.8 < 1 => inelastic demand (the change is demand is less than proportional to the change in price)