Question: Question 18 {4 points) Suppose that the demand and supply functions for good 3: are given as follows: 9: :120 2?, + I + P,

Question 18 {4 points) Suppose that the demand and supply functions for good 3: are given as follows: 9: :120 2?, + I + P, and Q: = 30 + F; 2: + s 2 f Where Px denotes the price of good it, Pr denotes the price of a related product y. 1 denotes income, t denotes tax rms face, 5 denotes subsidy and f denotes factor prices. What happens to the supply of x as price of it rises? 0 Supply of x falls since lawr of supply holds 0 Supply of it stays the same but quantity supplied falls. 0 Supply of it stays the same but quantity supplied rises. 0 Supply of x rises since law of supply holds

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