(a) X(Px)=50-10PX consider the following market demand functions. (b) X(Px)= 100/Px (c) X(Px)=50-2(Px)1/2 4. Derive the...

 

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(a) X(Px)=50-10PX consider the following market demand functions. (b) X(Px)= 100/Px (c) X(Px)=50-2(Px)1/2 4. Derive the inverse demand function P(X) for each demand function. 5. Derive the total revenue (TR) and marginal revenue (MR) functions as functions of X. 6. Find the price and quantity combinations that maximize total revenue. 7. Show that the elasticity of demand is -1 at the point of maximum total revenue. (a) X(Px)=50-10PX consider the following market demand functions. (b) X(Px)= 100/Px (c) X(Px)=50-2(Px)1/2 4. Derive the inverse demand function P(X) for each demand function. 5. Derive the total revenue (TR) and marginal revenue (MR) functions as functions of X. 6. Find the price and quantity combinations that maximize total revenue. 7. Show that the elasticity of demand is -1 at the point of maximum total revenue.