Question: 2) The demand functions for consumers 1, 2, and 5 are respectively Q1 = 60 - P, Q2 = 80 - 21, and Q3 =


2) The demand functions for consumers 1, 2, and 5 are respectively Q1 = 60 - P, Q2 = 80 - 21, and Q3 = 80 - 4P. a) Determine the inverse demand function for each consumer. b) Determine the vertical intercept for each inverse demand function. C) Determine the horizontal intercept for each inverse function. d) Determine the slope for each inverse demand function. e) Determine the market demand curve. Draw the inverse market demand curve in Figure 2 provided in the answer booklet
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