An electronics firm sells 1,000 HDTVs per week at a selling price of $450 each. A market survey indicates that for each $10 reduction in selling price, the number of TVs sold increases by 100 per week.
(a) Write the demand function: QD = f (P)
(b) Write the inverse demand function: P = f (QD)
(c) Write the total revenue function.
(d) If the firm were interested only in maximizing total revenue, how much should it charge (P) for each set and how many units (Q) will it sell?