A Consumer’s Demand Function

2) A consumer’s demand function is Q = 60 – 2P.

a) Determine the inverse demand function.

b) Determine the inverse demand function’s vertical intercept.

c) Determine the inverse demand function’s horizontal intercept.

d) Determine the inverse demand function’s slope.

e) Determine the consumer’s marginal benefit for the 20th unit demanded.

f) Determine the consumer’s total benefit from purchasing 60 units.

g) Determine the market demand function if there are 10 consumers with the demand function Q = 60 – 2P