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Write down the inverse demand function

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The demand function for tickets at a stadium is given by D(p) = 200, 000 - 10, 000p. The stadium can hold 100,000 spectators.

(a) Write down the inverse demand function.

(b) Write down the expressions for total revenue and marginal revenue as a function of the number of tickets sold.

(c) What price will generate the maximum revenue? What quantity will be sold at this price?

(d) At this quantity, what is marginal revenue? At this quantity, what is the price elasticity of demand? Will the stadium be full?

Reference no: EM131913795

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