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Derive the price function from the demand function

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Here is a linear demand function: 2Q = 20 -4P. Find its price function by inverting the demand function. Then find its total revenue function by multiplying through by Q. EXAMPLE: The linear demand function Q = 400 -250P inverts into the price function P = 1.6 -0.004Q. Multiplying this by Q gives its total revenue function TR = 1.6Q -0.004Q2. This skill will be useful in assignment 4. Show the algebra involved.

a. Derive the price function from the demand function 2Q = 20 -4P:

P =

b. Derive the total revenue (TR) function from your price function in (a):

TR =

Reference no: EM132482234

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