3. Using the midpoint method The following graph shows two known points (X and Y) on a demand curve for apples. According to the midpoint method, the price elasticity of demand for apples between point X and point Y is approximately 0.03 or 0.1 or 0.33 or 3, which suggests that the demand for apples is elastic or inelastic between points X an

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3. Using the midpoint method The following graph shows two known points (X and Y) on a demand curve for apples.  According to the midpoint method, the price elasticity of demand for apples between point X and point Y is approximately 0.03 or 0.1 or 0.33 or 3, which suggests that the demand for apples is elastic or inelastic between points X and Y.  PRICE (Dollars per pound) 10 9 8 00 10 3 2 1 0 0 10 20 30 40 50 60 70 80 QUANTITY (Thousands of pounds of apples) 90 Demand 100

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