The market structure of the local pizza industry is best characterised by monopolistic competition. Pizza Shack is one of the producers in the local market.The market demand for Pizza Shack is: Qd = 225 – 10P.Pizza Shack’s cost function is: C(Q) = 0.15Q^2Where Q^2 refers to q squared2. Re-write the demand function in price form: Blank 1. Fill in the blank, read surrounding text.
Question
The market structure of the local pizza industry is best characterised by monopolistic competition. Pizza Shack is one of the producers in the local market.The market demand for Pizza Shack is: Qd = 225 – 10P.Pizza Shack’s cost function is: C(Q) = 0.15Q^2Where Q^2 refers to q squared2. Re-write the demand function in price form: Blank 1. Fill in the blank, read surrounding text.
Solution
The demand function given is Qd = 225 - 10P. To rewrite this in price form, you need to solve for P. Here are the steps:
- Start with the original demand function: Qd = 225 - 10P
- To solve for P, you need to isolate P on one side of the equation. To do this, add 10P to both sides of the equation to get: 10P = 225 - Qd
- Then, divide both sides of the equation by 10 to solve for P: P = (225 - Qd) / 10
So, the demand function in price form is P = (225 - Qd) / 10.
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