Assume the supply side of the market consists of exactly five identical sellers. If the unit price
Question:
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
Economics For Investment Decision Makers
ISBN: 9781118111963
1st Edition
Authors: Sandeep Singh, Christopher D Piros, Jerald E Pinto
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