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:

Units

Individual instances or elements, often used to quantify or measure.

Units of Production

A method of depreciation that allocates the cost of an asset over its useful life based on the number of units it produces or its operational hours.

Budgeted Units

The quantity of product or services that a company plans to produce or sell in a specific period, detailed in its budget.

Inventory

The total amount of goods and materials held by a business for the purpose of resale or production, including raw materials, work-in-progress, and finished goods.