Question

The demand curve for product X is given by qxd = 300 - 2px. Find the inverse demand curve.

Answer 1

To find the inverse demand curve, solve for px in terms of qxd by isolating the variable.

Step-by-step explanation:

The student wants to find the inverse demand curve given the demand curve for product X, which is represented by the equation qxd = 300 - 2px. To find the inverse demand curve, we need to follow the process below.

Here's the step-by-step process:

1. Start with the demand equation: qxd = 300 - 2px
2. Subtract qxd from both sides to isolate -2px: -2px = 300 - qxd
3. Divide both sides by -2 to solve for px: px = (qxd-300)/2

The resulting equation, px = (qxd-300)/2, is the inverse demand curve.