This assignment exercises your knowledge of fundamental algebra.Rusty algebra gives more problems than economics.You are hereby warned that some problems have nice, clean answers and some do not (even if calculations are carried to several decimal places).Please carry out calculations to two decimals before rounding off, as a general rule.

1.Here is a linear demand function:Q = 60 -3P.Find its price function by inverting the demand function.Then find its total revenue function by multiplying through by Q.EXAMPLE:The linear demand function Q = 400 -250P inverts into the price function P = 1.6 -0.004Q.Multiplying this by Q gives its total revenue function TR = 1.6Q -0.004Q².This skill will be useful in assignment 4.Show the algebra involved.

a.Derive the price function from the demand function Q = 60 - 3P:

P =

b.Derive the total revenue function (TR) from the price function (a):

TR =