Question: please answer 2 points 5? The demand function is described by the equation q(p) = 130 p/5. The inverse demand function is described by the

please answer

please answer 2 points 5? The demand function is described by the

2 points 5? The demand function is described by the equation q(p) = 130 p/5. The inverse demand function is described by the equation qlp) =130 5p. p(q) = 130 q/S. [3051) = 1/130 q/S. plq) = 650 - Sq. Clip) = 1/(130 - p/S). 2 points 5 A white paper on elasticity of demand for postage stamps in the U.S. found that the demand for stamps is relatively inelastic. Therefore, if the US. Postal Service increased the price of stamps: 00000 0 Revenue would increase 0 Revenue would decrease 0 Revenue would stay the same 0 There is not enough information to say what would happen

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!