SUMMARY OUTPUT Regression Statistics Multiple R 0.987424 R Square 0.975006 Adjusted R 0.974715 Standard E 26693.48 Observatio 88 ANOVA df Regression…

  • 1. Estimate total costs as a function of quantity using a linear regression.
  • 2. Use your estimates of total costs to find marginal costs.
  • 3. From your previously estimated demand, find marginal revenue.
  • 4. Find the profit-maximizing quantity and price.
  • 5. Report your first price recommendation