2) This same economist is also interested in how the price of this particular item affects its supply. At a price of $p, a quantity,q, of this item is produced each month. Suppose that we write q=S(p). Using complete and descriptive sentences, explain the meaning of each of the following statements: a) S(500) = 1,250. b) S'(500) = 50.

2) This same economist is also interested in how the price of this particular item affects its supply. At a price of $p, a quantity,q, of this item is produced each month. Suppose that we write q=S(p). Using complete and descriptive sentences, explain the meaning of each of the following statements: a) S(500) = 1,250. b) S'(500) = 50.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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