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The inverse demand function views price as a function of quantity. The inverse demand function of the firm will be:
[tex]\rm P=9-0.25Q[/tex]
What is the inverse demand function?
The inverse demand function is the function that represents price as the function of quantity demanded. The graph of inverse demand puts a price on the y axis and the quantity demanded on the x-axis.
a. The inverse demand function of the firm will be calculated as follows:
The demand function is:
[tex]\rm Q=36-4P[/tex]
The inverse demand function is the demand function in terms of price. Therefore inverse demand function will be:
[tex]\rm Q=36-4P\\\\4P=36+Q\\\\P=\dfrac{36}{4}+\dfrac{Q}{4}\\\\P=9+\dfrac{Q}{4}\\[/tex]
[tex]\rm P=9-0.25Q[/tex]
Hence, The inverse demand function views price as a function of quantity. The inverse demand function of the firm will be [tex]\rm P=9-0.25Q[/tex].
Learn more about inverse demand function here:
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