Question

The inverse demand function is also termed as average revenue function.

1.Total revenue
2.Marginal revenue
3.Average revenue
4.None of these​

Answer 1

Step-by-step explanation:

In mathematical terms, if the demand function is f(P), then the inverse demand function is f−1(Q), whose value is the highest price that could be charged and still generate the quantity demanded Q. ... The inverse demand function is the same as the average revenue function, since P = AR.

2.Marginal revenue