Question: 1.A demand function is given by: Q= 20 - 5P. a)find the inverse function b)estimate the elasticity of both functions when P = 2 and

1.A demand function is given by: Q= 20 - 5P.

a)find the inverse function

b)estimate the elasticity of both functions when P = 2 and P = 3

c)graph the function and indicate the estimated elasticities to show that the price elasticity of demand for both functions is the same and that only the relative positions on the curve differs.

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