Row of Last ( Q AC TC Demand Intercept MR MC Price TR Profit Consider a demand curve wherein Price = -0.01 Q + 55. That makes TR = -0.01 Q^2 + 55 Q and MR = - 0.02 Q +55. Note that these formulas are entered in such a manner to "pick up" a variable demand 96 54.98 71.7963 54.99 71.8981 71.8981 54.99 -16.9081 55 intercept term in cell P2. 790 39.2 98.07 47.1 53.83 42525.7 37209 -5316.7 Assume that demand increases via an increase in the intercept of the demand curve in P2. For the following value of that intercept, record the "best" tabled value Q, that is, that tabled value of Q such that MR is as closest to MC in tabled form. 800 39 100.8 47 54.4 43520 37600 -5920 46.9 54.99 44541.9 37989 -6552.9 44) Tabled Q profit max value when demand intercept = 55 810 38.8 103.59 320 38.6 106.44 46.8 55.6 45592 38376 -7216 45) Tabled Q profit max value when demand intercept = 60 830 38.4 109.35 46.7 56.23 46670.9 38761 -7909.9 46) Tabled Q profit max value when demand intercept = 65 840 38.2 112.32 46.6 56.88 47779.2 39144 8635.2 Tabled Q profit max value when demand intercept = 70 115.35 46.5 57.55 48917.5 39525 48) Tabled Q profit max value when demand intercept = 75 850 38 -9392.5 1 860 37.8 118.44 46.4 58.24 50086.4 39904 -10182.4 370 37.6 121.59 46.3 58.95 51286.5 40281 11005.5 What is the corresponding price? 880 37.4 124.8 46.2 59.68 52518.4 40656 -11862.4 1 Tabled Price at profit max Q value when demand intercept = 55 128.07 46.1 60.43 53782.7 41029 -12753.7 50) Tabled Price at profit max Q value when demand intercept = 60 890 37.2 46 61.2 55080 41400 13680 Tabled Price at profit max Q value when demand intercept = 65 900 37 131.4 10 36.8 134.79 5.9 61.99 56410.9 41769 -14641.9 52) Tabled Price at profit max Q value when demand intercept = 70 920 36.6 138.24 45.8 62.8 57776 42136 -15640 Tabled Price at profit max Q value when demand intercept = 75 930 36.4 141.75 45.7 63.63 59175.9 42501 -16674.9 940 36.2 145.32 45.6 64.48 60611.2 42864 -17747.2 1 54) We might call such a listing of prices and corresponding quantities, in this instance: 950 36 148.95 45.5 65.35 62082.5 43225 -18857.5 a. A demand function 960 35.8 152.64 45.4 66.24 63590.4 43584 20006.4 b. A production function 970 35.6 156.39 45.3 67.15 65135.5 43941 -21194.5 c. An inverse function 980 35.4 160.2 45.2 68.08 66718.4 44296 -22422.4 d. A supply function 990 35.2 164.07 45.1 69.03 68339.7 44649 23690.7 1000 35 168 45 70 70000 45000 -25000