7.4.3 The demand function for a good supplied by a monopolist is 1000 – p3 - (0 < p< 10). p3 Find the inverse demand function and derive an expression for marginal revenue.
7.4.3 The demand function for a good supplied by a monopolist is 1000 – p3 - (0 < p< 10). p3 Find the inverse demand function and derive an expression for marginal revenue.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
100%
I need help solving 7.4.3
![METHODS OF DIFFERENTIATION
134
74.1 For those functions of Exercise 7.3.1 which are monotonic and differentiable ue
the inverse function rule to find the derivative of the inverse function.
Exercises
7.4.2 The inverse demand function for a good is p = 3 – x², where p is price, z is
quantity and p and x are restricted to be non-negative. Show that this is a mono-
tonic function and find the ordinary demand function for the good. Also find an
expression for the elasticity of demand.
7.4.3 The demand function for a good supplied by a monopolist is
1000 –
(0 < p < 10).
p3
Find the inverse demand function and derive an expression for marginal revenue.
Problems on Chapter 7
7-1. Suppose that a firm's output Q is related to capital input K and labour input L
by the production function
Q = K'/²L/3
Suppose further that K and L are given by the linear functions
K = 5+ 2t,
L =2+t.
Find dQ/dt.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9378ef80-7767-4c68-bae6-da61c50171e5%2Ff70d1fdc-b8e6-4e26-ad14-864e5f555a19%2Fbmfvung_processed.jpeg&w=3840&q=75)
Transcribed Image Text:METHODS OF DIFFERENTIATION
134
74.1 For those functions of Exercise 7.3.1 which are monotonic and differentiable ue
the inverse function rule to find the derivative of the inverse function.
Exercises
7.4.2 The inverse demand function for a good is p = 3 – x², where p is price, z is
quantity and p and x are restricted to be non-negative. Show that this is a mono-
tonic function and find the ordinary demand function for the good. Also find an
expression for the elasticity of demand.
7.4.3 The demand function for a good supplied by a monopolist is
1000 –
(0 < p < 10).
p3
Find the inverse demand function and derive an expression for marginal revenue.
Problems on Chapter 7
7-1. Suppose that a firm's output Q is related to capital input K and labour input L
by the production function
Q = K'/²L/3
Suppose further that K and L are given by the linear functions
K = 5+ 2t,
L =2+t.
Find dQ/dt.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education