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Function by inverting the demand function

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Reference no: EM131922464

Here is a linear demand function: Q = 7 -3P. Find its price function by inverting the demand function. Then find its total revenue function by multiplying through by Q. EXAMPLE: The linear demand function Q = 400 -250P inverts into the price function P = 1.6 -0.004Q. Multiplying this by Q gives its total revenue function TR = 1.6Q -0.004Q2. This skill will be useful in assignment 4. Show the algebra involved.

P =

TR=

Reference no: EM131922464

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