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The inverse demand function of a group of consumers for a given type of widgets is given by the following expression:
[tex]\pi=-10q+2000[/tex]
What is meant by the inverse demand function?
Inverse demand functions is the basis of strategic pricing. However, to calculate a profit- or sales-optimal price, the inverse demand function must be combined with the sales and profit function. As the inverse demand function of a market is often not known in practice. It is also one of the qualitative methods such as expert estimates.
In other words, an inverse demand function can be described by the equation:
x = a + b * p,
where a represents the prohibitive price, that is, the price at which the sales quantity is zero.
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The inverse demand function of a group of consumers for a given type of widgets is π=− 10 q+ 2000 [$/unit].
What is inverse demand function?
The inverse demand function, or x = x, in pricing theory, describes the functional relationship between a price p and the amount that can be sold at this price (p).
The opposite of a demand function is a demand function's inverse.
The demand function that appears in the renowned Marshallian Scissors diagram is the inverse demand function.
Because the independent variable is plotted on the y-axis and the dependent variable is plotted on the x-axis by economists, the function has this form.
Price is a function of quantity sought in the inverted demand curve.
Therefore, demand is represented by a horizontal axis and price is represented by a vertical axis.
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