Eco 581The demand and cost function for a company are estimated to be as follows:P = 100 â?? 8QTC =

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Eco 581The demand and cost function for a company are estimated to be as follows:P = 100 – 8QTC = 50 + 80Q – 10Q^2 + 0.6Q^3a. What price should the firm charge if it wants to maximize its profit in the short run?b. What price should it charge if it wants to maximize its revenue in the short run?c. Suppose the company lacks confidence in the accuracy of cost estimates expressed in a cubicequation, and simply wants to use a linear approximation. Suggest a linear representation of thiscubic equation. What difference would it make on the recommended profit-maximizing andrevenue-maximizing prices?

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