Supply & Demand In supply (and demand) problems, y is the number of items the supplier will produce if the price of the item is x. In particular, if the price is $18 per item, then the supplier wants to make only 580 items. However, if the price is $33 per item, then the supplier would want to make 505 items. Convert the information in this problem to two ordered pairs. What is the ordered pair associated with the lower price? What is the ordered pair associated with the higher price? Using these ordered pairs, what is the supply equation? Give your answer in slope-intercept form: y = Box 1 & 2: Enter answers as ordered pairs (don't forget the parentheses). Box 3: Enter your answer as an expression. Example: 3x^2+1, x/5, (a+b)/c

Supply & Demand In supply (and demand) problems, y is the number of items the supplier will produce if the price of the item is x. In particular, if the price is $18 per item, then the supplier wants to make only 580 items. However, if the price is $33 per item, then the supplier would want to make 505 items. Convert the information in this problem to two ordered pairs. What is the ordered pair associated with the lower price? What is the ordered pair associated with the higher price? Using these ordered pairs, what is the supply equation? Give your answer in slope-intercept form: y = Box 1 & 2: Enter answers as ordered pairs (don't forget the parentheses). Box 3: Enter your answer as an expression. Example: 3x^2+1, x/5, (a+b)/c

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter15: Imperfect Competition

Section: Chapter Questions

Problem 15.13P

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