Question: 4) A firm's supply function is Q = 4P - 8. a) Determine the inverse supply function. b) Determine the inverse supply function's vertical intercept.

4) A firm's supply function is Q = 4P - 8.

a) Determine the inverse supply function.

b) Determine the inverse supply function's vertical intercept.

c) Determine the inverse supply function's slope.

d) Determine the quantity supplied if the market price is 5.

e) Determine the firm's marginal cost for the 12th unit supplied.

f) Determine the firm's total cost when supplying 8 units.

g) Determine the market supply function if there are 10 firms with the supply function Q = 4P - 8.

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