### Create an Account

Home / Questions / Copy and paste the following data into Excel:PQ\$13078\$110155\$90246\$70318\$503971. Run OLS t...

# Copy and paste the following data into Excel:PQ\$13078\$110155\$90246\$70318\$503971. Run OLS to determin

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

Apr 24 2020 View more View Less