The demand function is described by the equation q(p) = 130 - . The inverse demand function is described by the equation

Question

The demand function is described by the equation q(p) = 130 -  . The inverse demand function is described by the equation

Quizplus · Accepted Answer

To find the inverse demand function, we need to solve for p in terms of q. Start with the original demand function q(p) = 130 - 11p, and solve for p:

q(p) = 130 - 11p

11p = 130 - q

p = (130 - q)/11

Now we have the inverse demand function as p(q) = (130 - q)/11. Simplifying this expression gives p(q) = 650/11 - (1/11)q, which matches answer choice A.

The Demand Function Is Described by the Equation Q(p) =