Consider the constant-elasticity demand function Q = p , where > 0.

a. Solve for the inverse demand function p(Q).

b. Calculate the demand price elasticity.

c. Show that p(Q)/MR(Q) is independent of the output level Q. (This is a fancy way of saying that after simplifying the fraction p(Q)/MR(Q), the expression will not contain the variable Q.) Hint: Use the relationship between marginal revenue and the elasticity of demand.