Use the following general linear supply function to answer the following question 2-49 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. Suppose = $40, = 50, and the demand function is F F , then if government sets a price of $50 what will be the result? a. a shortage of 120 a surplus of 120 a shortage of 160 a surplus of 160 Use the following general linear supply function to answer the following question 2-50 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.Suppose = $40, = 50, and the demand function is , F then if government sets a price of $30 what will be the result? a. a shortage of 120 a surplus of 120 a shortage of 160 a surplus of 160 The general linear demand function below is used to answer the following question 2-51 whereQd = quantity demanded, = the price of the good, = income, = the price of a good P M related in consumption. The law of demand requires that a. 0. a< b. 0. b< c. 0. P< d. 0 and 0. a< b< 0 and 0. b< P< The general linear demand function below is used to answer the following question 2-52 whereQd = quantity demanded, = the price of the good, = income, = the price of a good P M related in consumption. If = 15 and = 20, the good is c d a. a normal good. b. an inferior good. a substitute for good R. a complement with good R. both and a c
2-49 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. Suppose = $40, F = 50, and the demand function is , then if government sets a price of $50 what will be the result? a. a shortage of 120 a surplus of 120 a shortage of 160 a surplus of 160 2-50 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.Suppose = $40, F = 50, and the demand function is , then if government sets a price of $30 what will be the result? a. a shortage of 120 a surplus of 120 a shortage of 160 a surplus of 160 2-51 The general linear demand function below is used to answer the following question whereQd = quantity demanded, P = the price of the good, M = income, = the price of a good related in consumption. The law of demand requires that a. a< 0. b. b< 0. c. P< 0. d. a< 0 and b< 0. b< 0 and P< 0. 2-52 The general linear demand function below is used to answer the following question whereQd = quantity demanded, P = the price of the good, M = income, = the price of a good related in consumption. If c = 15 and d = 20, the good is a. a normal good. b. an inferior good. a substitute for good R. a complement with good R. both a and c