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Derive the inverse demand function

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Reference no: EM132461016

The quantity demand of a good is given by Q = 75 + 0.3m - 10p , where p is the price of this good and m is the consumer's income.

1) Derive the inverse demand function.

2) Following part (a), calculate the price when Q=30 and m= 40.

3) For m= 200, and p = 4,

Calculate the income elasticity. Is this good a normal or an inferior good? Justify your answer.

Calculate the price elasticity. Is it elastic or inelastic? Ordinary or Giffen? Justify your answer.

Reference no: EM132461016

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