Midpoint Method Calculator

Midpoint Method Calculator implements explicit midpoint method AKA modified Euler method, which is a second-order numerical method to solve first-degree differential equation with a given initial value.

Midpoint Method Calculator can be used, in math, to calculate the midpoint, and in Economics - the Price Elasticity of Demand Calculator.

For calculating the midpoint - in math:



Midpoint Calculator

The Calculator helps calculating Midpoint of segment, given two endpoints.

The relavent formula for the Midpoint (M) is:

M=((x₁+x₂)/2,(y₁+y₂)/2)

Point 1 x₁

y₁

Point 2 x₂

y₂

 

Examples of calculation one can perform using Midpoint Method Calculator:

If poin1 1 is (X,Y) =(8,5) and point 1 is (2,3), according to the midpoint calculator, the midpoint is (5,4).

If poin1 1 is (X,Y) =(10,4) and point 1 is (4,3), according to the midpoint calculator, the midpoint is (7,4).

 

For calculating the Price Elasticity of Demand Calculator - in Economics:



What is P₁ Dollars

What is Q₁ Units

What is P₂ Dollars

What is Q₂ Units

What is Midpoint Method for Price Elasticity of Demand Calculator?

Midpoint Method for Price Elasticity of Demand Calculator helps calculating the Price Elasticity of Demand, using Midpoint Method for Price Elasticity of Demand formula.

What is Price Elasticity of Demand?

Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price, ceteris paribus. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price.

The Formula of Price Elasticity of Demand

Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price

Example of Price Elasticity of Demand

For example, If the price of a product increases by 10% and as a result the quantity demanded decreases by 5%, the Price Elasticity of Demand equals -0.50 (-5/10).

What is Midpoint Method for Price Elasticity of Demand?

The midpoint formula modifies the original price elasticity calculation to determine how various factors influence the price of a product. This formula typically assesses the relationship between price and product demand, but it can also illustrate the influence of supply. In the former case, actual purchase quantities are used to measure the level of demand.

The Formula of Midpoint Method for Price Elasticity of Demand Calculator

Price Elasticity of Demand = {[(Q₂ - Q₁) / (Q₂ + Q₁) / 2]} / {[(P₂ - P₁) / (P₂ + P₁) / 2]}

Where:

P₁ = the first price point

P₂ = the second price point

Q₁ = the quantity point associated with the first price point (P₁)

Q₂ = the quantity point associated with the second price point (P₂)