Using the midpoint method, hamburgers are said to be inelastic.
Explanation:
The mid point is measured as the required percentage variation in quantities divided by the cost percent variation. It is thus best to utilize the midpoint approach if one need to measure change in percentage and price elasticity between two points on a curve.
Inelastic is an concept of economics that refers to the amount of a product or service that is stagnant when the cost increases. Inelastic implies that the purchasing practices of customers remain exactly the same when the cost goes up, and the purchasing habits of consumers remain constant as well when the price falls.
