Copy and paste the following data into Excel:PQ$4.801170$4.531235$3.981337$3.721442$3.491548a. Run OLS to determine the inverse demand function (P = f(Q)); how much confidence do you have in this estimated equation? Use algebra to then find the direct demand function (Q = f(P)).b. Using calculus to determine dQ/dP, construct a column which calculates the point-price elasticity for each (P,Q) combination.dQ/dP, construct a column which calculates the point-price elasticity for each (P,Q) combination.c. What is the point price elasticity of demand when P=$3.98? What is the point price elasticity of demand when P=$3.81?d. To maximize total revenue, what would you recommend if the company was currently charging P=$4.53? If it was charging P=$3.81?e. Use your indirect demand function to determine an equation for TR and MR as a function of Q, andcreategraph of P and MR on the vertical and Q on the horizontal axis.graph of P and MR on the vertical and Q on the horizontal axis.f. What is the total-revenue maximizing price and quantity, and how much revenue is earned there? Compare that to the TR when P = $4.80 and P = $3.81.Bob’s Underground, a limited liability corporation specializing in new rap artists (B.U. LLC, rap) has the following demand function:whereQis the quantity demanded of the most popular product B.U. sells,Pis the price of that product,Mis income, andPRis the price of a related product. The regression results are:Adjusted R Square0.8222Independent VariablesCoefficientsStandard Errort StatP-valueIntercept-32.3265.77-0.4910.626P-2.461.38-1.8130.079M0.0080.0016.0459.53E-07PR-2.561.26-2.0250.051a. Discuss whether you think these regression results will generate good sales estimates for B.U. LLC, rap.Now assume that the income is $35,000, the price of the related good is $24, and B.U. chooses to set the price of its product at $21.b. What is the estimated number of units sold given the data above?c. What are the values for the own-price, income, and cross-price elasticities?d. IfPincreases by 4%, what would happen (in percentage terms) to quantity demanded?e. IfMincreases by 3%, what would happen (in percentage terms) to quantity demanded?f. IfPRdecreases by 5%, what would happen (in percentage terms) to quantity demanded?