Question: Consider the general supply function: Q s =1,000+20P-9P 1 +25F Q s= Quantity supplied P=price of commodity P 1 =price of a key input in

Consider the general supply function: Qs=1,000+20P-9P1+25F

Qs=Quantity supplied

P=price of commodity

P1=price of a key input in the production process

F=number of firms producing the commodity

What is the value of the coefficient of the price of the commodity? Does it have the theoretically correct algebraic sign? Why?

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