Garden of Edam sells fondue kits over the internet. The demand function for this product is Q = 20 - (1/3)P, where Q is the number of kits sold per week and P is the price per kit. 1. Solve for the inverse demand function. 2. What is the slope of this relationship in the standard PIQ diagram? 3. Compute the point price elasticity of demand (PED) when Q = 20 _______________ Q = 5 4. Compute the point PED when P = 30 and P = 60 5. Give a one sentence quantitative interpretation of the Q = I3 elasticity. 6. Give a one sentence qualitative interpretation of the Q = 6 elasticity. 7. Write the equation showing kit total revenue (TR) as a function of Q. 3. Write the equation showing marginal revenue (MR) as a function of