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Is the demand for good-elastic or inelastic

Question 1: Own Price elasticity. Given the data to the right, compute the POINT elasticity of demand of a good as its price goes from $1.00 to $1.50. Show formula and work.

Price Quantity

1.00 10

1.50 9

Is the demand for this good in this range elastic or inelastic?

Question 2: If the wage bill per unit of labor (L) is $30 and the cost of capital (K) is $200 in the short run, fill in the BLANKS in the table below.

L Q TVC MPL APL AVC TFC TC ATC MC

0 0 200

1 4 200

2 10 200

Now Priced at $20 (50% Discount)

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## Q : Estimate the demand function for pilot new pen

Using a linear regression model, estimate the demand function for Pilot's new pen.