Suppose that the firm is currently producing 50 units of the product and the current price of the good is $5.00. What is the own-price elasticity?

If the firm were to raise the price of the good to $5.25, what would you expect to happen to quantity demanded of the good?

At this point, is demand elastic or inelastic? Would the price rise increase total revenue? Explain and calculate total revenue before and after the price increase.(Round the predicted quantity change to the nearest whole number for the purpose of the total revenue calculations.)

Is this a shift or a movement along the demand curve?

REGRESSION OUTPUT Regression Statistics Multiple R 0.970233695 R Square 0.941353424 Adjusted R Square 0.933264241 Standard Error 4.545649082 Observations 34 ANOVA df SS MS F Significance F Regression 4 9618.333982 2404.583495 116.3719 2.01997E-17 Residual 29 599.2248416 20.66292557 Total 33 10217.55882 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept -13.56137129 13.7494267 -0.986322673 0.332133 -41.68210633 14.559364 -41.68210633 14.55936375 Px -4.116809164 1.487097779 -2.768351363 0.009715 -7.158265624 -1.075353 -7.158265624 -1.075352705 Py -1.480662287 0.388024521 -3.815898758 0.000658 -2.274261538 -0.687063 -2.274261538 -0.687063035 Advertising 0.094929208 0.131732458 0.720621248 0.476912 -0.17449392 0.3643523 -0.17449392 0.364352337 Income 0.001449522 0.00013968 10.377483 2.83E-11 0.001163845 0.0017352 0.001163845 0.001735199