2) This same economist is also interested in how the price of this particular item affects its supply. At a price of $p, a quantity,q, of this item is produced each month. Suppose that we write q=S(p). Using complete and descriptive sentences, explain the meaning of each of the following statements: a) S(500) = 1,250. b) S'(500) = 50.

2) This same economist is also interested in how the price of this particular item affects its supply. At a price of $p, a quantity,q, of this item is produced each month. Suppose that we write q=S(p). Using complete and descriptive sentences, explain the meaning of each of the following statements: a) S(500) = 1,250. b) S'(500) = 50.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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