Suppose the suply function of product x is given by

Harold Kessler 2021-12-19 Answered
Suppose the suply function of product x is given by QxS=30+2Px4Pz
a. how much of product x is produced when Px=$80 and Pz=$60
b. Pz=$60. Determine the supply function and inverse supply function for good x.
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Expert Answer

Barbara Meeker
Answered 2021-12-20 Author has 38 answers
a) Supply function of product x is given below.
QxS=300+2Px4pz
Suppose the price of good X is $80 and price of good Y is $60, the quantity supply of good X is calculated as follows.
QxS=30+2Px4Pz
QxS=30+2(80)4(60)
QxS=30+160240
QxS=110
The quantity supply of good is X is -110 units. As quantity is negative, the production of goods X will not take place.
b) Suppose the price of good Z is $60 the supply functions= for good X is shown below.
QxS=30+2Px4Pz
QxS=30+2Px4(60)
QxS=30+2Px240
QxS=2Px270
The supply function is QxS=2Px270

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