Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Use the following general linear supply function:Qs 40+ 6P-8P, +10Fwhere Q, is the quantity supplied of the good, P is the price of the good, P, isthe price of an input, and F is the number of firms producing the good.Suppose P₁ = $40, F = 50, and the demand function is Qu= 700 - 6P, then ifgovernment sets a price of $30 what will be the result?a. a shortage of 120b. a surplus of 160O c. a surplus of 120d. a shortage of 160Clear my choice

Qs = 40 + 6P - 8Pi + 10F --------> Supply equation. Qd = 700 - 6P ------------> Demand…

Use the following general linear supply function: Qs 40+ 6P-8P, +10F where Q, is the quantity supplied of the good, P is the price of the good, P, the price of an input, and F is the number of firms producing the good.

Use the following general linear supply function: Qs 40+ 6P-8P, +10F where Q, is the quantity supplied of the good, P is the price of the good, P, the price of an input, and F is the number of firms producing the good.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

Use the following general linear supply function:
Qs 40+ 6P-8P, +10F
where Q, is the quantity supplied of the good, P is the price of the good, P, is
the price of an input, and F is the number of firms producing the good.
Suppose P₁ = $40, F = 50, and the demand function is Qu= 700 - 6P, then if
government sets a price of $30 what will be the result?
a. a shortage of 120
b. a surplus of 160
O c. a surplus of 120
d. a shortage of 160
Clear my choice

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