Pasternack Corporation recently changed the selling price of one of its products. Data concerning sales for comparable periods before and after the price change are presented below. 
The product's variable cost is $23.10 per unit.
Required:
a. Compute the product's price elasticity of demand as defined in the text.
b. Compute the product's profit-maximizing price according to the formula in the text.
Definitions:
Producer Surplus
The discrepancy between the price sellers are ready to accept for an item and the price they actually receive.
Equilibrium Price
The cost point where the amount of a product or service consumers want to buy matches the amount available, resulting in a balanced market.
Equilibrium Quantity
The quantity of goods or services supplied equals the quantity demanded at the market equilibrium price.
Efficiency
The optimal use of resources to achieve the desired outcome with minimal waste or effort.
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