Discussion Post: Economics
"The demand and cost function for a company are estimated to be as follows:
P=100-8QTC=50+80Q-10Q2+0.6Q3
• What price should the company charge if it wants to maximize its profit in the short run?
• What price should it charge if it wants to maximize its revenue in the short run?
• Suppose the company lacks confidence in the accuracy of cost estimates expressed in a cubic equation and simply wants to use a linear approximation. Suggest a linear representation of this cubic equation. What difference would it make on the recommended profit-maximizing and revenue-maximizing prices?"
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.