own-price elasticity

Suppose you got a spreadsheet on weekly data on the price and number of Friday afternoon bus tickets from Boston to New York. (Prices in dollars, quantity in hundreds of tickets.) Quantity Price week 1 33 43 week 2 22 32 week 3 30 40 week 4 15 35 week 5 25 45 week 6 18 48 You estimated an inverse supply function P(Q) from this data: P : 28+ .4362 A. What is the equation for own-price elasticity of supply under this supply function? Calculate the elasticity in week 2. B. While the supply of buses is generally stable despite demand uctuating from week to week, you nd a news article saying that between week 3 and 4 of your data collection} one of the bus operating companies was shut down by regulators due to safety concerns. Plot the equilibrium points. Based on this graph and what you learned from the article, do you have a better idea of how to estimate supply from this data? Derive the equation for supply in week 2. (You don't need knowledge of statistics to nd this.)