Alex McLean is preparing for the annual retreat of the company's management group in the unusual industry of urban beekeeping. A little more than sixty percent of revenue comes from selling to and providing support of active beehives for individuals, businesses, and other groups in urban communities. Another twenty percent of revenue comes from the sale of honey in retail markets, and Alex would like to improve those processes to generate additional profit from that source.

1. Calculate the own-price elasticity at the optimum price calculated above and recommend possible price adjustments managers might consider in the future.

Definitions
Q =	Number of Aveole units sold
P =	Price of Aveole product (in real 2015 $ per unit)
M =	Average income consumer households (In real 2015 $)
Pa =	Price of competitive product (in real 2015 $ unit)

DATA:

	Demand for Aveole Honey
Obser	Q	P	M	Pa
1	2659	8.50	33150	10.55
2	2870	8.50	33280	10.45
3	2874	8.65	33410	10.35
4	2849	8.65	33761	10.30
5	2842	8.65	33960	10.30
6	2816	8.65	33475	10.25
7	3039	7.50	33475	10.25
8	3059	7.50	33735	10.15
9	3040	7.50	33735	10.00
10	3090	7.50	33956	10.00
11	2934	8.50	33956	10.25
12	2942	8.50	35231	10.25
13	2834	8.50	34060	9.75
14	2517	9.99	34255	9.75
15	2503	9.99	34385	9.65
16	2502	9.99	34255	9.60
17	2557	9.99	34645	10.00
18	2586	10.25	35555	10.25
19	2623	10.25	35555	10.20
20	2745	10.25	36335	10.00
21	2812	9.75	36607	10.10
22	2729	9.75	36743	10.10
23	2821	9.75	36977	10.10
24	2799	9.75	37252	10.25