2. Copy and paste the following data into Excel: P $224.00 $212.80 10034 $210.56 10569 $209.14 10902 $206.08 11030 $201.60 11167 $183.68 11813 $168.00 11987 Q 9344 a. Run OLS to determine the demand function as P = f(Q); how much confidence do you have in this estimated equation? Use algebra to invert the demand function to Q = f(P). b. Using calculus to determine dQ/dP, construct a column which calculates the point-price elasticity for each (P,Q) combination. c. What is the point price elasticity of demand when P-$210.56? What is the point price elasticity of demand when P=$217.00?

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