For supply function x-20p+60=0 find out (a) supply at p=6, (b)price when supply is 80, (c) price at which supply is zero
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Given the supply equation :
S = 20p + 60
Where S is the supply quantity and p the price.
A.) When p = 6, S =?
S = 20 × 6 + 60 = 180
B.) When S = 80, p =?
80 = 20p + 60
20p = 20
P = 1
C.) when S = 0, p=?
0 = 20p + 60
-60 = 20p
p = - 3
S = 20p + 60
Where S is the supply quantity and p the price.
A.) When p = 6, S =?
S = 20 × 6 + 60 = 180
B.) When S = 80, p =?
80 = 20p + 60
20p = 20
P = 1
C.) when S = 0, p=?
0 = 20p + 60
-60 = 20p
p = - 3
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