Sounds like the element is bad. It is replacable and available online at several places, I have one like yours and that is what I did, its easy to do and will get you ticking in no time
probably not as much as you think it is worth. There are to many varibles to consider value. An item is only worth what another person is willing to give you for it. If you truly want its value, go have it appraised. That will cost you to get a qualified appraisal.