Assume the supply side of the market consists of exactly five identical sellers. If the unit price

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Assume the supply side of the market consists of exactly five identical sellers. If the unit price of aluminum is 20 , which equation is closest to the expression for the market inverse supply function?

A. \(P_{s}=9.6+0.04 Q_{s}^{s}\)

B. \(P_{s}=1.1+0.008 Q_{s}^{s}\)

C. \(Q_{s}^{s}=-145+130 P_{s}\)

A producer's supply function is given by the equation:

\[
Q_{s}^{s}=-55+26 P_{s}+1.3 P_{a}
\]

where \(Q_{s}^{s}\) is the quantity of steel supplied by the market, \(P_{s}\) is the per-unit price of steel, and \(P_{a}\) is the per-unit price of aluminum.

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Related Book For  answer-question

Economics For Investment Decision Makers

ISBN: 9781118111963

1st Edition

Authors: Sandeep Singh, Christopher D Piros, Jerald E Pinto

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