Your research department estimates that the supply function for televisions is given by: QXS = 5,000...

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Question

Your research department estimates that the supply function for televisions is given by: QXS = 5,000...

Your research department estimates that the supply function for televisions is given by:

Q_X^S = 5,000 + 5P_X -10P_R – 2P_W

When P_X is $500, P_R is $100, P_W is $2500, how many television sets are produced?

business economics

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Answer 1

Answer #1

The supply function lets us estimate the quantity supplied of a good when the market conditions are given.

In this question , supply function is :

QXS = 5000 + 5PX - 10PR - 2PW

Putting the values given in the equation, we get

QXS = 5000+(5*500)-(10*100)-(2*2500)

QXS = 5000+2500-1000-5000

QXS = 1500

So , with these values of the variables , the number of television sets that are produced are 1500.

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Answer 2

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