Description of this paper

Suppose the supply function

Description

solution


Question

3 Suppose the supply function for product X is given by Qsx = -50+0.5P2;a How much product X is produced when Px =$500 and P2 =$30?;b How much of product X is produced when Px = $50 and P2 = $30?;c Suppose P2 = $30 Determine the supply function and inverse supply function for the good X. Graph the inverse supply function.

 

Paper#26259 | Written in 18-Jul-2015

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