Question: Suppose that the linear demand function for a smartphone manufacturing company can be described as Q(P) = -(25/30)P + 390. To calculate total revenue and

Suppose that the linear demand function for a smartphone manufacturing company can be described as Q(P) = -(25/30)P + 390. To calculate total revenue and then profit, we need to rearrange this so that Price is a function of Quantity. What is the rearranged ("inverse") demand equation? [You might want to write down the slope and intercept that you find, instead of referring back to this question to answer #53.]

P(Q) = -1.2Q + 468

P(Q) = 25Q + 130

P(Q) = 1.25Q + 390

It is not possible to calculate P as a function of Q, because they are inversely related.

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