1.Here is a linear demand function: 5Q = 50 -5P. Find its price function by inverting the demand function. Then find its total revenue function by multiplying through by Q. EXAMPLE: The linear demand...

1.Here is a linear demand function: 5Q = 50 -5P.  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 5Q = 50 – 5P:

                                                                                                            P =

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

                                                                                                            TR =

2. Evaluate the following TR function: TR = 10Q – Q². EXAMPLE: When Q = 5 TR= $25.

a. When Q = 3, TR = $_____               b. When Q = 10, TR = $_____

3. Evaluate the following expression. Y = 2X³
+ (2X + 5)²
EXAMPLE:  When X = 1, Y = 51.

a. When X = 0, Y = ___ b. When X = 2, Y = ___

c. When X = 3, Y = ___ d. When X = 5, Y = ___