Question: .Here is a linear demand function:Q = 12 - .5P Find its price function by inverting the demand function.Then find its total revenue function by
.Here is a linear demand function:Q = 12 - .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
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