22) Harding Enterprises has developed a new product called the Gillooly shillelagh. The market demand for this product is given as follows: Q = 240 - 4P

a. If the shillelagh is priced at $40, what is the point price elasticity of demand? Is demand elastic or inelastic?

b. If the shillelagh price is increased slightly from $40, what will happen to the total expenditure on the Gillooly shillelagh?

please explain in detail Thank you so much