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Please answer and show work!! Thanks You are given the following data for your firm, which sells the only commercially-available Wifi-enabled cheese grater. Which of the following represents the correct formulas for P and MR in terms of Q ? Select one: a. P=0.5-100Q ; MR=-1+100Q b. P=100-0.5Q2 P = 100 - 0.5 Q 2 ; MR=100Q-Q M R = 100 Q - Q c. P=100+0.5Q P = 100 + 0.5 Q ; MR=100-0.5Q M R = 100 - 0.5 Q d. P=100-0.5Q P = 100 - 0.5 Q ; MR=100-Q M R = 100 - Q Question 2 Which of the following equations is correct, based on the data above? Select one: a. ATC=0.0015Q-0.1+1000Q A T C = 0.0015 Q - 0.1 + 1000 Q b. MC=0.0045Q2-0.2Q+21.95 M C = 0.0045 Q 2 - 0.2 Q + 21.95 c. ATC=0.0015Q3-0.1Q2+21.95Q+1000 A T C = 0.0015 Q 3 - 0.1 Q 2 + 21.95 Q + 1000 d. AVC=0.0015Q3-0.1Q2+21.95Q+1000Q A V C = 0.0015 Q 3 - 0.1 Q 2 + 21.95 Q + 1000 Q Question 3 The profit-maximizing quantity occurs at _______ and the profit-maximizing price occurs at _________. (Since MC is in terms of Q2 Q 2 , solving with calculus and algebra can be messy. Your table should give an exact answer.) Select one: a. Q=70 Q = 70 ; P=$65 P = $ 65 b. Q=60 Q = 60 ; P=$70 P = $ 70 c. Q=50 Q = 50 ; P=$75 P = $ 75 d. Q=55 Q = 55 ; P=$90 P = $ 90 Question 4 How much total profit would your firm earn if you set P P and Q Q at their profit-maximizing levels? Select one: a. $1,989 b. $1,487 c. $-552 d. $2,014 Question 5 Describe the competitiveness of the market by calculating the Lerner index. Select one: a. 44.9% b. 34.7% c. 48.0% d. 53.8%
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