Use the following general linear supply function: Qs = 40 + 6P - 8PI + 10F where Qs is the quantity supplied of the good, P is the price of the good, PI is the price of an input, and F is the number of firms producing the good.If PI = $20 and F = 60 what is the equation of the supply function? Group of answer choices Qs = 480 + 6P Qs = 40 + 8P P = 480 + 6Qs Qs = 400 + 6P none of the above
Use the following general linear supply function: Qs = 40 + 6P - 8PI + 10F where Qs is the quantity supplied of the good, P is the price of the good, PI is the price of an input, and F is the number of firms producing the good.If PI = $20 and F = 60 what is the equation of the supply function? Group of answer choices Qs = 480 + 6P Qs = 40 + 8P P = 480 + 6Qs Qs = 400 + 6P none of the above
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.5P
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Use the following general linear supply function:
Qs = 40 + 6P - 8PI + 10F
where Qs is the quantity supplied of the good, P is the price of the good, PI is the price of an input, and F is the number of firms producing the good.If PI = $20 and F = 60 what is the equation of the supply function?
Group of answer choices
- Qs = 480 + 6P
- Qs = 40 + 8P
- P = 480 + 6Qs
- Qs = 400 + 6P
- none of the above
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