Would you write the final answer after explaning because (it is a homework) i would like to write down the answer clear. Thanks

Question 6 A demand function is given by: Q = - 5 P + 4 Y

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Samantha BalandoLv7

28 Sep 2019

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I am having a tough time with this homework question. Please try to show work if possible! Thank you!

Garden of Edam sells fondue kits over the internet. The demand function for this product is Q = 20 - (1/3)P, where Q is the number of kits sold per week and P is the price per kit.

1. Solve for the inverse demand function. __I think it would be P=-60-(1/3)Q but correct me if I'm wrong please! Thanks!__________

2. What is the slope of this relationship in the standard P/Q diagram? ______________

3. Compute the point price elasticity of demand (PED) when

Q = 20 ________________ Q = 6 _________________

4. Compute the point PED when P = 30 __________ and P = 60 _____________.

5. Give a one sentence quantitative interpretation of the Q = 6 elasticity.

_____________________________________________________________________

6. Give a one sentence qualitative interpretation of the Q = 6 elasticity.

_____________________________________________________________________

7. Write the equation showing kit total

revenue (TR) as a function of Q. ___________________________________

8. Write the equation showing marginal revenue

(MR) as a function of Q. ___________________________

ivorycockroach840

So I am given the demand function of D(p) = 200,000 - 10,000p. Ihave to get the inverse demand function from it. After substitutingD(p) with q and rearranging, the answer is p = 20 - (q/10,000). I'mwondering how it is done.

Demand is given by:

Q = 2000 - 166P + 6P^' + 12Y, and P = 9, P^' = 4, and Y = 2

How many units are purchased by consumers? Round you answer to one decimal.

Demand is given by:

Q = 2000 - 187P + 99P^' + 17Y, and P = 9, P^' = 7, and Y = 3

Calculate the Cross-Price Elasticity of Demand at P^' = 7? Round you answer to two decimals.

You are given the following demand function:

P = 1,972 - 10Q

Find the quantity (Q) that maximizes these firms revenue? Round your answer to one decimal point

You are given the following demand function:

P = 521 - 5Q

Calculate marginal revenue for Q = 18? Round your answer to one decimal point.

A firm has a constant marginal cost of $11.1. Calculate the profit-maximizing price when the firm faces a constant price elasticity of demand equal to -2.27. Round your answer to two decimals.