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QUESTION

Copy and paste the following data into Excel:PQ$13078$110155$90246$70318$503971. Run OLS to determine the inverse demand function (P = f(Q)); how much confidence do you have in this estimated equation?Select one:a. P = 149.56 – 0.25Qb. Q = 599.65 – 4.01Pc. Q = 149.56 – 0.25Pd. P = 599.65 – 4.01Q2. Use algebra to then find the direct demand function (Q = f(P)).Select one:a. Q = 118.67 – 52.18P b. Q = 1.26 + 0.0048P c. P = 599.65 – 4.01Q d. Q = 599.65 – 4.01P3. Using calculus to determine dQ/dP, construct a column which calculates the point-price elasticity for each(P,Q) combination. What is the point price elasticity of demand when P=$90?Select one:a. -6.682 b. -1.467 c. -0.883 d. -0.5054. What is the point price elasticity of demand when P=$83?Select one:a. -1.351 b. -1.247 c. 0.0185. To maximize total revenue, what would you recommend if the company was currently charging P=$83? If it was charging P=$70?Select one:a. Price should be lower than both $83 and $70. b. Price should be raised above both $70 and $83. c. Raise the price if it is currently $83; lower the price if it is currently $70. d. Lower the price if it is currently $83; raise the price if it is currently $70.6. Use your algebraically-derived direct demand function to determine an equation for TR and MR as functions of Q. What is total revenue when P=$83 and when P = $70?Select one:a. At P = $83, TR = $45,676; at P = $70, TR = $50,122. b. At P = $83, TR = $12,458; at P = $70, TR = $35,790. c. At P = $83, TR = $22,150; at P = $70, TR = $22,338. d. At P = $83, TR = $8,459; at P = $70, TR = -$3,442.7. What is the total-revenue maximizing price and quantity, and how much revenue is earned there?Select one:a. P* = $90, Q* = 246, TR* = $21,698 b. P* = $83, Q* = 266.87, TR* = $22,150 c. P* = $70, Q* = 318, TR* = $22,338 d. P* = $74.78, Q* = 299.82, TR* = $22,421

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