Question: Suppose the supply function for product X is given by Q X S = - 30 + 2 P x - 4 P z .

Suppose the supply function for productXis given by QXS= - 30 + 2Px- 4Pz.

Instruction:Enter all values as integers, or if needed, a decimal rounded to one decimal place.

a. How much of productXis produced whenPx= $600 andPz= $60?

b. How much of productXis produced whenPx= $80 andPz= $60?

c. SupposePz= $60. Determine the supply function and inverse supply function for goodX. Graph the inverse supply function.

Supply function: QXS=+PX

Inverse supply function: PX=+QXS

Instruction:Use the tool provided 'S' to graph the inverse supply function from QX= 0 to QX= 200 (two points total).

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