QUESTION 1 The following table contains yearly data on price ($) and sales ($1,000) from 2014 to 2017: Year PTS 2014 1 16 2015 2 14 2016 3 12 2017 6 6 Where, P represents price, and S represents sales. 1.1. Compute yearly derivatives of sales with respect to price (i.e., change in sales with respect to change in price); 1.2. Compute yearly elasticities of sales with respect to price. 2.1 Assume that sales are related to price according to the following simple linear regression: SEB.+B,P 2.1. Use Ordinary Least Squares Method (OLS) to estimate B, and B: 2.2. Compute the point elasticities of sales with respect to price; Compute the elasticity of sales with respect to price at the mean of the data; Given your result in (2.3), find the following: 2.4.1. The effect of a 1% increase in price on sales: 2.4.2. The effect of a 2% increase in price on sales: 2.4.3. The effect of a 3% decrease in price on sales