The Demand Function Is Described by the Equation Q(p)= 30

question 41

Multiple Choice

The demand function is described by the equation q(p) = 30 - p/3.The inverse demand function is described by the equation

• A)q(p)= 30 - 3p.
• B)p(q)= 90 - 3q.
• C)q(p)= 1/(30 - p/3).
• D)p(q)= 1/30 - q/3.
• E)p(q)= 30 - q/3.

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Definitions:

Equation

An equation is a mathematical statement that asserts the equality of two expressions, represented by the symbol "=".

Graph

A visual representation of data or a mathematical function using a coordinate system.

Center

The middle point of a shape or object, often an important concept in geometry and physics.

Hyperbola

A type of smooth curve lying in a plane, formed by intersecting a cone with a plane in a manner that produces a curve with two branches, each mirroring the other.