Question

Suppose the supply function for product x is given by qxs = - 30 + 2px - 4pz.
a. how much of product x is produced when px = $600 and pz = $60?

Answer 1

It is given in the question that

Suppose the supply function for product x is given by

$qxs = - 30 + 2px - 4pz.$

And we have to find how much of product x is produced when px = $600 and pz = $60.

And for that, we have to substitute 600 for px and 60 for pz, and on doing so, we will get

$qxs = -30+2(600)-4(60) \\ qxs = -30 +1200 -240 = 930$

And that's the required answer .