Residents of Lonesome, Arizona operate a co-operative agricultural center on the outskirts of town. Data for the quantity of kumquats sold in hundreds of pounds along with the total revenues and total costs associated with the operations are found in the data file LONESOME.
Using your preferred software:

A. Estimate the Total Revenue function, TR. Remember:
If Q equals zero, TR will equal zero. You must therefore force the function through the origin.
TR is a quadratic requiring the values for Q2. You must therefore create a second variable for the TR function. Regress TR on Q and Q2.

B. Estimate the Total Cost function, TC. Recall that TC is a cubic and requires Q, Q2, and Q3. Create the Q3 variable and estimate the model.

C. Calculate the Profit function as TR − TC.

D. Plot all three functions on the same graph. Comment on the results.