Question

9 Two points on a linear supply function are ($4.00, 28,000) end ($6.50, 65,000),
(a) Determine the supply function q f(p).
(b) What price would result in suppliers offering 45,000 units?
(c) Determine and interpret the p intercept.
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Answer 1

Answer:

400+600

=1000

Hope it helps

Answer 2

Answer:

Step-by-step explanation:

two points are ($4.00, 28,000) and ($6.50, 65,000)

p1= 4 , p2=6.5

q1= 28,000 , q2= 65,000

slope=m= q2-q1/p2-p1

= 65,000-28,000/ 6.5-4

m = 14,800

using slope-point form using point (4, 28,000)

q - (28,000) = 14,800 ( p - 4 )

q - 28,000 = 14,800p - 59,200

a) q = f(p) =  14,800p - 31,200

b) putting q= 45,000 in above equation

45,000 =  14,800p - 31,200

76,200 = 14,800p

p= $5.149

C) For p intercept, put q=0

0= 14,800p - 31,200

p = 31,200/14,800

P= 2.108

( 2.108, 0)