Suppose that the demand for good x is given by the equation Qx = 1,000 ? 10Px.

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Suppose that the demand for good x is given by the equation

Qx = 1,000 ? 10Px.

(a) Derive an equation for the inverse demand function, px(x).

(b) Find the price and quantity combination that maximizes total revenue.

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Public Finance

ISBN: 978-1111526986

2nd edition

Authors: John E. Anderson

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Posted Date: Mar 06, 2024 12:45 AM

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Suppose that the demand for good x is given by the equation Qx = 1,000 ? 10Px.

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Public Finance

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