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Suppose the supply function for product XXSPx z Instruction:XPxzXPxzPzSupply function: QXSX  is given by Q = - 30 + 2- 4P

Economics Oct 10, 2020

Suppose the supply function for product XXSPx z Instruction:XPxzXPxzPzSupply function: QXSX  is given by Q = - 30 + 2- 4P. Enter all values as integers, or if needed, a decimal rounded to one decimal place.

a. How much of product  is produced when  = $600 and P = $60?

b. How much of product  is produced when  = $80 and P = $60?

c. Suppose  = $60. Determine the supply function and inverse supply function for good X. Graph the inverse supply function.

 =  +  P Inverse supply function: PX =  +  QXS

Instruction: Use the tool provided 'S' to graph the inverse supply function from QX = 0 to QX = 200

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