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If a consumer-ready coffee manufacturer has a supply function as follows: Q=-12+5
If a consumer-ready coffee manufacturer has a supply function as follows: Q=-12+5.3P
How many bottles of consumer-ready coffee would the supply produce if price is $5.35 per bottle?
Expert Solution
Q=-12+5.3P
Where;
Q = quantity supplied
And
P = price
But;
P = $5.35
Hence;
Q=-12+5.3(5.35)
Q = 16.355
Approximately 16 bottles of consumer-ready coffee.
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