Which amongst the following is a correct description of inverse demand function ?
Where p = price, D = demand and y = income.
1
p = f (D)
2
D = f (p)
3
D = \(\rm f\left(\frac{1}{P}\right)\)
4
\(\rm p=f\left(D, \frac{1}{y}\right)\)
Which amongst the following is a correct description of inverse demand function ?
Where p = price, D = demand and y = income.