Question

Please help with ALL (5) questions and show work/explain... thank you

You are given the following data for your firm, which sells high-capacity video MP3 players.

Q	P	TC
0	78	$100,000
1,000	76	$125,500
2,000	74	$144,000
3,000	72	$158,500
4,000	70	$172,000
5,000	68	$187,500
6,000	66	$208,000
7,000	64	$236,500
8,000	62	$276,000
9,000	60	$329,500
10,000	58	$400,000

..

.

QUESTION 1:

Which of the following represents the correct formulas for P and MR in terms of QD?
Select one:
a. P = 78 - 0.004QD; MR = 78 - 0.008QD
b. P = 39,000 - 500QD; MR = 39,000 - 1,000QD
c. P = 78 - 0.002QD; MR = 78 - 0.004QD
d. P = 39,000 - 500QD; MR = 39,000 - 250QD

.

.

QUESTION 2: Which of the following equations is correct, based on the data above?
Select one:
a. MC = 0.0000015Q2 - 0.01Q + 30
b. AVC = 0.0000005Q2 - 0.005Q + 30 + 100000/Q
c. AVC = 0.0000005Q2 - 0.005Q + 30/Q
d. ATC = 0.0000005Q3 - 0.005Q2 + 30Q + 100000

.

.

.

QUESTION 3. The profit-maximizing quantity occurs at _______ and at _________.

(Since MC is in terms of Q2, solving with calculus and algebra can be messy. Your table should give an exact answer.)
Select one:
a. Q = 6,000; P = $66
b. Q = 8,000; P = $46
c. Q = 8,000; P = $62
d. Q = 2,000; P = $74

.

.

.

QUESTION 4.
How much total profit would your firm earn if you set P and Q at their profit-maximizing levels?
Select one:
a. $276,000
b. $220,000
c. $0; break even.
d. $496,000

.

.

.

QUESTION 5.
Describe the competitiveness of the market by calculating the Lerner index.
Select one:
a. 62%
b. 46%
c. ≈ 34.8%
d. ≈ 25.8%