Q6 (2pt). Which function is the best to t the data based on the sum of squared residuals? (Hint: for the logit function, use C = 80 , a = 2 , b = 1 for the initial values; for the power function, use D = 80 , a = 20 , [J' = 3 for the initial values.) (A) Linear function (B) Constant elasticity function (C) Logit function (D) Power function MARK5829 Quiz 2: T2 2022 Q7 (2pt). Suppose that the rm currently charges $2. Using the best estimated priceresponse function in Q6, calculate the price elasticity of demand at the $2 price. (Hint: you can consider a scenario where the store increases the price to $2.01) Find the most appropriate suggestion based on the price elasticity of demand. (A) The rm should increase its price because the price elasticity is greater than -1. (B) The rm should decrease its price because the price elasticity is greater than -1. (C) The rm should increase its price because the price elasticity is lower than -1. (D) The rm should decrease its price because the price elasticity is lower than -1