Your research department estimates that the supply function for televisions is given by:
QXS = 5,000 + 5PX -10PR – 2PW
When PX is $500, PR is $100, PW is $2500, how many television sets are produced?
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.
Your research department estimates that the supply function for televisions is given by: QXS = 5,000...
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