Question

Quantity supplied is a function

(a) Demand of the product

(b) Elasticity of demand

(c) Cost of the product.

(d) Income elasticity of the product.​

Answer 1

Answer:

A supply function has single dependent variable (i.e. the quantity supplied) and many independent variables i.e. market price, price of related goods, input costs, etc. ... For example, in general the supply and market price are inversely related.

Answer 2

Answer:

1. C

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