Based on the data presented in the table below estimate elasticity of demand for two price changes: a) price increase from $3 to $9 per hour; and b) price decrease from $9 to $3 per hour. Make sure to use the single point elasticity equation formula. Price Per Hour of Therapy Demand for Therapy 0 16 1 15 2 14 3 13 4 12 10 5 11 6 10 7 9 8 8 9 7 10 6 11 5 12 4 13 3 14 2 15 1 16 0

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Q: Based on the data presented in the table below estimate elasticity of demand for two price changes:…

A: a). The elasticity of demand for the price increase from $3 to $9 per hour is approximately −0.6.b).…