Question: 1.Here is a linear demand function:Q = 40 - 0.5P.Find its price function by inverting the demand function.Then find its total revenue function by multiplying

1.Here is a linear demand function:Q = 40 - 0.5P.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.

a.Derive the price function from the demand function Q = 40 - .5P:

P =

b.Derive the total revenue function (TR) from the price function in (a):

TR =

1. Here is a linear demand function: Q =40 - 0.5P. 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. a. Derive the price function from the demand function Q = 40 - .5P: P = b. Derive the total revenue function (TR) from the price function in (a): TR =

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