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Mathematik-Online problems:

Problem 983: Inverse Functions of Supply and Demand

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Suppose that the supply and demand sets for a good are given by

$\displaystyle S = \{(q,p) \vert \; q-p = -6 \}, \quad D = \{(q,p) \vert \; q+3p=9 \}. $

Determine the supply function $ q^S$, the demand function $ q^D$, the inverse supply function $ p^S$, and the inverse demand function $ p^D$.

Verify that for any $ p,q$, $ (p^S q^S)(p) = p$ and $ (p^D q^D)(p) = p$.

(Author: Rafee )

Solution:

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  automatisch erstellt am 9. 11. 2004