Question: Use the following general linear supply function: Q s = 40 + 6 P - 8 P I + 10 F where Q s is

Use the following general linear supply function:

Q_s= 40 + 6P- 8P_I+ 10F

whereQ_sis the quantity supplied of the good,Pis the price of the good,P_Iis the price of an input, andFis the number of firms producing the good. SupposeP_I= $40,F= 50, and the demand function isQ_d= 700 - 6P, then if government sets a price of $50 what will be the result?

Use the following general linear demand relation:

Q_d=680-9P +0.006M -4P_R

whereMis income andP_Ris the price of a related good,R. IfM= $15,000 andP_R= $20 and the supply function isQ_s= 30 + 3P,then, when the price of the good is $40,

Proper calculation please!

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