to get the slope m and then substitute the slope and ONE of the point?s values of x and y into the general form y = b + mx to solve for the y-intercept, b. y = ___ + ___ x

Substitute in the variables P and Q for the y and x in that general form and you have an inverse demand function. P = ___ ? ___ Q

Invert the equation to get the demand function:

Q = ___ ? ____ P

Find the first derivatives of the following functions Do not simplify products or quotients first.

Now, if you are given an equation like TC = 30 + 10 Q, you can take the derivative of that total cost with respect to Q the same way as above. We call that Marginal Cost or MC. Here, MC = _______ and that is the cost per unit to produce one more unit of Q.

If you are given an inverse demand function like P = 100 ? 3 Q and asked to find MR or Marginal Revenue, you have to know what Total Revenue or TR is first. TR = P*Q. So multiply both sides of your inverse demand function by Q to get P*Q = (__________)* Q and simplify to TR = _____ Q - _____ Q²

Can you now take the derivative of TR? MR = ____________

Draw the inverse demand equation of the straight line from these points: Now solve for the equation of a straight line using those points. Use the equation: Slope =rise/run = to get the slope m and then substitute the slope and ONE of the point's values of x and y into the general form y = b + mx to solve for the y-intercept, b.y = ___ + ___ xSubstitute in the variables P and Q for the y and x in that general form and you have an inverse demand function. P = ___ ___ Q Invert the equation to get the demand function: Q = ___ ____ P Find the first derivatives of the following functions Do not simplify products or quotients first.9. Use the derivative of a product rule here. y = 3x/2x^2 dy/dx = 10. Use the derivative of a quotient rule here. y = 2x4x^3 dy/dx = dxNow, if you are given an equation like TC = 30 + 10 Q, you can take the derivative of that total cost with respect to Q the same way as above. We call that Marginal Cost or MC. Here, MC = _______ and that is the cost per unit to produce one more unit of Q. If you are given an inverse demand function like P = 100 ? 3 Q and asked to find MR or Marginal Revenue, you have to know what Total Revenue or TR is first. TR = P*Q. So multiply both sides of your inverse demand function by Q to get P*Q = (__________)* Q and simplify to TR = _____ Q - _____ Q^2 Can you now take the derivative of TR?MR = ____________ Draw the inverse demand equation of the straight line from these points: Now solve for the equation of a straight line using those points. Use the equation: Slope =rise/run = to get the slope m and then substitute the slope and ONE of the point's values of x and y into the general form y = b + mx to solve for the y-intercept, b.y = ___ + ___ xSubstitute in the variables P and Q for the y and x in that general form and you have an inverse demand function. P = ___ ___ Q Invert the equation to get the demand function: Q = ___ ____ P Find the first derivatives of the following functions Do not simplify products or quotients first.9. Use the derivative of a product rule here. y = 3x/2x^2 dy/dx = 10. Use the derivative of a quotient rule here. y = 2x4x^3 dy/dx = dxNow, if you are given an equation like TC = 30 + 10 Q, you can take the derivative of that total cost with respect to Q the same way as above. We call that Marginal Cost or MC. Here, MC = _______ and that is the cost per unit to produce one more unit of Q. If you are given an inverse demand function like P = 100 ? 3 Q and asked to find MR or Marginal Revenue, you have to know what Total Revenue or TR is first. TR = P*Q. So multiply both sides of your inverse demand function by Q to get P*Q = (__________)* Q and simplify to TR = _____ Q - _____ Q^2 Can you now take the derivative of TR?MR = ____________