Assignment
Figure 1: Triangular distribution of consumers' reservation prices.
The reservation prices of N consumers for a good are distributed over the range 0 ≤ ρ ≤ ρ‾ according to the triangle density function shown in the figure.
The height of the triangle on its right side is h.
A consumer will buy 1 unit of the good if the consumer's reservation price ρ ≥ p, where p is price.
Find the market demand and inverse demand equations.
Find the price elasticity of demand and the marginal revenue equation.