Finding Supply function/equation
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For a certain commodity, the demand equation is given by
D = -5p + 50.
At a price of $1, twelve units of the commodity are supplied. If the supply equation is linear, and the market price is $4, find
the supply equation.
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Solution describes the steps to determine supply function/equation based upon information provided.
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Solution:
Demand at market price of $4 =-5*4+50=30 units
We assume market is in equilibrium. So, quantity supplied at $4 =30 units
We now have two points on ...
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- BEng (Hons) , Birla Institute of Technology and Science, India
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