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inverse demand function
In economics, an 'inverse demand function', P = f−1(Q),is a function that maps the quantity of output demanded to the market price (dependent variable) for that output. Quantity demanded, Q, is a function of price; the inverse demand function treats price as a function of quantity demanded, and is also called the price function.〔Samuelson, W and Marks, S Managerial Economics 4th ed. page 35. Wiley 2003.〕 Note that the inverse demand function is not the reciprocal of the demand function—the word "inverse" refers to the mathematical concept of an inverse function.
==Definition==
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.〔Varian, H.R (2006) Intermediate Microeconomics, Seventh Edition, W.W Norton & Company: London〕 This is to say that the inverse demand function is the demand function with the axes switched. This is useful because economists typically place price (P) on the vertical axis and quantity (Q) on the horizontal axis.
The inverse demand function is the same as the average revenue function, since P = AR.〔Chiang & Wainwright, Fundamental Methods of Mathematical Economics 4th ed. Page 172. McGraw-Hill 2005〕
To compute the inverse demand function, simply solve for P from the demand function. For example, if the demand function has the form Q = 240 - 2P then the inverse demand function would be P = 120 - 0.5Q.〔Samuelson & Marks, Managerial Economics 4th ed. (Wiley 2003)〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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