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

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?

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