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Suppose that the supply function for honey is P = S(q) = 0.4q+1 where P is the price in dollars for an 8-oz container and q i
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Answer #1

Supply function is given as under:

P = 0.4q + 1

Given, P = $9

Quantity supplied = ?

P = 0.4q + 1

9 = 0.4q + 1

0.4q = 8

q = 20 units

Hence, when price is $9, quantity supplied is 20 units.

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