Suppose the supply function for product X is given by QXS = − 30 + 2Px − 4Pz. Instruction: Enter all values as integers, or if needed, a decimal rounded to one decimal place. a. How much of product X is produced when Px = $600 and Pz = $60? b. How much of product X is produced when Px = $80 and Pz = $60?
Suppose the supply function for product X is given by QXS = − 30 + 2Px − 4Pz. Instruction: Enter all values as integers, or if needed, a decimal rounded to one decimal place. a. How much of product X is produced when Px = $600 and Pz = $60? b. How much of product X is produced when Px = $80 and Pz = $60?
ChapterP2: Microeconomics Fundamentals
Section: Chapter Questions
Problem 2KC
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Suppose the supply function for product X is given by QXS = − 30 + 2Px − 4Pz.
Instruction: Enter all values as integers, or if needed, a decimal rounded to one decimal place.
a. How much of product X is produced when Px = $600 and Pz = $60?
b. How much of product X is produced when Px = $80 and Pz = $60?
c. Suppose Pz = $60. Determine the supply function and inverse supply function for good X. Graph the inverse supply function.
Supply function:
Inverse supply function:
Graph the inverse supply function from QX = 0 to QX = 200
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