Step 1. Enter your data on the next sheet under p and q. However, don't just put them in rows 5 and 6; rather, pick a reasonable range of values for p (obviously they must include the two prices listed above, but should go somewhat beyond them) and put your two values for q at the appropriate places in the table. Then, use the data points given above to develop the expression that represents demand (number of credit hours) as a function of price. Recall: the equation of a line is of the form y = mx+b (where m is the slope and b is the y-intercept). In our case, the y- variable is q and the x-variable is p. Fill in the rest of the values for q using your formula, and make sure it agrees mm the two values you're given before going on! Step 2. Find the derivative of quantity with resprect to price and use it to find the formula for the elasticity for demand, E. Step 3. In column C, fill in the values for E and graph the coefficient of elasticity over your range of the price variable