Consider the supply equation Q = 4 + 0.1P 2 (a) Write down an expression for dQ/dP.
Question:
Consider the supply equation
Q = 4 + 0.1P2
(a) Write down an expression for dQ/dP.
(b) Show that the supply equation can be rearranged as
P = √(10Q - 40)
Differentiate this to find an expression for dP/dQ.
(c) Use your answers to parts (a) and (b) to verify that
dQ/dP = dP/dQ
(d) Calculate the elasticity of supply at the point Q = 14.
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