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Inverse demand function
A function representing the relationship between quantity demanded and price, specified for convenience with price as a function of quantity instead of the more usual quantity as a function of price. Thus if a conventional demand function is QD = a - bP, then the inverse demand function is P = (a/b) - QD/b.
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- Part of Speech: noun
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- Industry/Domain: Economy
- Category: International economics
- Company: University of Michigan
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