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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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