3. Suppose that a price setting firm has the following direct demand function: Qd = 200 20P For this problem you must show all your work, no hacks, like twice the slope, etc. a. Solve for the inverse demand curve. What is it's slope and what is it's intercept? b. Find the equation for Total Revenue. c. Find the equation for Marginal Revenue. d. Solve for the Quantity which maximizes Total Revenue. e. Solve for the Price which results when Total Revenue is maximized. f. Calculate the price elasticity of demand at the quantity and price at which Total Revenue is maximized. g. Suppose now that the firm is currently charging a price of $6, and the firm raises price. What will happen to Total Revenue? To answer this you should draw your inverse demand curve and marginal revenue curves (both against Q) in the top graph, and then draw the TR curve directly below it. Label the price of $6 on the graph, the original quantity at that price in both the top and bottom graphs. Also, label TR at the initial quantity. Now increase price above $6 (no specific numerical value is needed). Record the new quantity in both the top and bottom graphs, also record the new TR