Question: Question 24 (4 points) Suppose that the demand and supply functions for good x are given as follows: Of =600 -2P. - / + P.

Question 24 (4 points) Suppose that the demand and supply functions for good x are given as follows: Of =600 -2P. - / + P. and Q% = Px - 2t +s -2f where P. denotes the price of good x. P, denotes the price of a related product y. I denotes income, t denotes tax firms face, s denotes subsidy and f denotes factor prices. What happens to the supply of x as price of x falls? Supply of x stays the same but quantity supplied rises. Supply of x rises since law of supply holds Supply of x stays the same but quantity supplied falls. O Supply of x falls since law of supply holds

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