2. Copy_andpastethefollowing data into Excel: 5 P g : ______________________________________________ ______________________________________________ a. Run OLS to determine the demand function as P = f(Q); how much condence do you have in this estimated equation? Use algebra to invert the demand function to Q = f(P). b. Using calculus to determine \"go/gr; construct a column which calculates the point-price elasticity for each (Q) combination. c. What is the point price elasticity of demand when P=$90.25? What is the point price elasticity of demand when P=$79.00? d. To maximize total revenue, what would you recommend if the company was currently charging P=$89.30? If it was charging P=$T9.00? e. Use your rst demand function to determine an equation for TR and MR as a function of Q, and create a graph of P and IVIR on the vertical and Q on the horizontal axis. f. What is the total-revenue maximizing price and quantity, and how much revenue is earned there? (Round your price to the nearest cent, your quantity to the nearest whole unit, and your TR to the nearest dollar.) Compare that to the TR when P = $90.25 and P = $7 9.00