Assume a supply equation:
q = 0.1p - 0.02pi + 0.01n + 0.01t - 0.1w
where:
p =...
Business, 10.09.2019 17:30, loganhowington26
Assume a supply equation:
q = 0.1p - 0.02pi + 0.01n + 0.01t - 0.1w
where:
p = own price
pi = price of an input = $50
q = quantity supplied (thousands of units)
n = number of firms = 100
t = index of technology = 300
w = wage rate = $30
the quantity supplied asa function as the price can be written:
if the price of the good is $16, what would be the quantity supplied? (in thousands units)
Answers: 3
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