Find the market demand and inverse demand equations find


Assignment

560_Triangular distribution of consumers reservation prices.jpg
Figure 1: Triangular distribution of consumers' reservation prices.

The reservation prices of N consumers for a good are distributed over the range 0 ≤ ρ ≤ ρ‾ according to the triangle density function shown in the figure.

The height of the triangle on its right side is h.

A consumer will buy 1 unit of the good if the consumer's reservation price ρ ≥ p, where p is price.

Find the market demand and inverse demand equations.

Find the price elasticity of demand and the marginal revenue equation.

Request for Solution File

Ask an Expert for Answer!!
Microeconomics: Find the market demand and inverse demand equations find
Reference No:- TGS02338084

Expected delivery within 24 Hours