For this example, let's say a family of four bought 10 pounds of ground beef in January to make hamburgers, meatloaf, and chili. All other things being equal, here's the demand schedule showing how they would reduce the quantity bought by 0.699% for every 1.0% the price rose. Month in 2014 Price/lb. Quantity (in lbs.) Jan $3.467 10.000 Feb $3.555 9.822 Mar $3.698 9.546 Apr $3.808 9.347 May $3.856 9.265 Jun $3.880 9.225 Jul $3.884 9.219 Aug $4.013 9.005 Sep $4.096 8.874 Oct $4.154 8.786Elasticity Study The goal of this activity is to use Calculus to verify the claim that the price of groundbeef is inelastic. FirstI make sure to have completed the Homework problems about Elasticity so that you are ready to perform all of the necessary calculations. Then read this article on elasticity of demand, and perform the following to check that the article's claim is true. - Enter your ten data points in the chart below: Price (Silt-s} Quantity (lbs) - Complete the equation of the least-squares linear regression line by nding its slope and intercept {the help buttons contain an article to compute trend-lines in Excel. while the video help links to a video on how to perform linear regression on a graphing calculator}: Darklwl . Use the regression function from the previous step as a mathematical model for the demand function (e.g. D(p)) and find the general expression for the elasticity of demand: . Find the Elasticity of Demand at the price of $ 4.12 . At this price, we would say the demand is: O Inelastic O Elastic O Unitary . Based on this, to increase revenue we should: O Raise Prices O Lower Prices O Keep Prices Unchanged