Assume that the demand function for a good takes the following explicit form Q=285−5p+10p1Q=285−5p+10p1, where QQ is the quantity demanded, pp is the price of the good, and p1p1 is the price of a substitute good

Economics Dec 08, 2020

Assume that the demand function for a good takes the following explicit form Q=285−5p+10p1Q=285−5p+10p1, where QQ is the quantity demanded, pp is the price of the good, and p1p1 is the price of a substitute good. Assume p1=1.5p1=1.5.

A. Find the inverse demand function.

B. Graph the function.

C. What price should be charged in order to sell 250 units of the good?

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