Question: Suppose that the demand for good x is given by the equation Qx = 2000 - 0.5Px. a)Derive (create) an equation for the inverse demand

Suppose that the demand for good x is given by the equation Qx = 2000 - 0.5Px.

a)Derive (create) an equation for the inverse demand function, px(X)

b)Find the price and quantity combination that maximizes total revenue.

c)Calculate the price elasticity of demand for the price-quantity combination you found in part (b).

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