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Here is a linear demand function: .5Q = 15 -2P. 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.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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