Find the inverse demand curve

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Reference no: EM131236552

Suppose the demand function is equal to

Q = 60 – 3P

a. Find the inverse demand curve

b. Find the choke price

c. Find the price that maximizes revenue

d. Find the elasticity of demand when price equals 12, using a point elasticity

e. Suppose P₁= 6 and P₂ = 8. Find the elasticity of demand using the percentage change method.

f. Use the values in part e to calculate the elasticity of demand using the mid-point method.

Reference no: EM131236552

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