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I am given the following information for a firm that sells video MP3 players.
Q P TC
0 $78 $100,000
1000 $76 $125,500
2000 $74 $144,000
3000 $72 $158,500
4000 $70 $172,000
5000 $68 $187,500
6000 $66 $208,000
7000 $64 $236,500
8000 $62 $276,000
9000 $60 $329,500
10,000 $58 $400,000
1) The question asks to determine the equations for P=f (Q), MR=f(Q), ATC=f (Q, Q^2), AVC=f(Q, Q^2), MC=f (Q, Q^2) I believe I need to run a regression analysis to get the TC equation first, but am not sure. Can you help with this?
2) It then asks to calculate the Lerner Index and describe the competitiveness of the market. I know that the Lerner Index is P-MC/P. How can I tell the competitiveness of the market with the Lerner Index?
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