Use the following general linear supply function to answer the following question 2-45 where is the quantity supplied of the good, is the price of the good, is the price of an input, and P is the number of firms producing the good. If = $20, = 60, and the demand function is the F F equilibrium price and quantity are, respectively, a. = $10 and 640. P Q= b. = $8 and = 326. P Q = $10 and = 540. P Q = $8 and = 640. P Q none of the above. Use the following general linear supply function to answer the following question 2-46 where is the quantity supplied of the good, is the price of the good, is the price of an input, and P is the number of firms producing the good. Now suppose = $40 and = 50, what is the largest F F amount of the good that firms will supply when the price of the good is $20? a. 340 units 220 units 80 units 120 units Use the following general linear supply function to answer the following question 2-47 where is the quantity supplied of the good, is the price of the good, is the price of an input, and P is the number of firms producing the good. When = $40 and = 50, the INVERSE supply F F function is = + 0.1667Qs. P –36.667 = + 6Qs. P –220 = 220 + 0.1667Qs. P = 220 + 6Qs. P Use the following general linear supply function to answer the following question 2-48 is the quantity supplied of the good, is the price of the good, is the price of an input, and P F is the number of firms producing the good. Again suppose = $40 and = 50, what is the lowest F price that will induce firms to supply 400 units of output? $15 $20 $25 $30 $35
2-45 Use the following general linear supply function to answer the following question where is the quantity supplied of the good, P is the price of the good, is the price of an input, and F is the number of firms producing the good. If = $20, F = 60, and the demand function is the equilibrium price and quantity are, respectively, a. P = $10 and Q= 640. b. P = $8 and Q = 326. P = $10 and Q = 540. P = $8 and Q = 640. none of the above. 2-46 Use the following general linear supply function to answer the following question where is the quantity supplied of the good, P is the price of the good, is the price of an input, and F is the number of firms producing the good. Now suppose = $40 and F = 50, what is the largest amount of the good that firms will supply when the price of the good is $20? a. 340 units 220 units 80 units 120 units 2-47 Use the following general linear supply function to answer the following question where is the quantity supplied of the good, P is the price of the good, is the price of an input, and F is the number of firms producing the good. When = $40 and F = 50, the INVERSE supply function is P = –36.667 + 0.1667Qs. P = –220 + 6Qs. P = 220 + 0.1667Qs. P = 220 + 6Qs. 2-48 Use the following general linear supply function to answer the following question is the quantity supplied of the good, P is the price of the good, is the price of an input, and F is the number of firms producing the good. Again suppose = $40 and F = 50, what is the lowest price that will induce firms to supply 400 units of output? $15 $20 $25 $30 $35