What is the demand function and cost function based on the set of data below?Price Quantity Profit$5088-$240$25289-$240$80-$2000$52148$1256$51143$1003$55103$575 This is what I got as the demand function:P=0.002Q2-0.2334Q+77.548This is what I got as the cost functionC=-0.1008Q2+25.822Q-2122.3Are these correct functions based on the data set?

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Answered: What is the demand function and cost…

What is the demand function and cost function based on the set of data below? Price Quantity Profit $50 88 -$240 $25 289 -$240 $80 0. -$2000 $52 148 $1256 $51 143 $1003 $55 103 $575

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter2: Fundamental Economic Concepts

Section: Chapter Questions

Problem 2E

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Question

What is the demand function and cost function based on the set of data below?
Price Quantity Profit
$50
88
-$240
$25
289
-$240
$80
-$2000
$52
148
$1256
$51
143
$1003
$55
103
$575

This is what I got as the demand function:
P=0.002Q2-0.2334Q+77.548
This is what I got as the cost function
C=-0.1008Q2+25.822Q-2122.3
Are these correct functions based on the data set?

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