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Assume a supply equation: where: Q=0.1p-0.02p_(i)+0.01N+0.01T-0.1W [p ] = own price ,p_(i)= price of an input = [ $100],[Q ] = quantity ,N= number

Assume a supply equation:\ where:\

Q=0.1p-0.02p_(i)+0.01N+0.01T-0.1W

\

[p

]

= own price ,p_(i)= price of an input =

[

$100],[Q

]

= quantity ,N= number of firms =

[

600],[ supplied (thousands of units) ,T

]

= index of technology =

[

500],[,W

]

= wage rate =

[

$90]

\ The quantity supplied as a function of the price can be written:\

Q=

\ If the price of the good is

$21

, what would be the quantity supplied? thousand units. (enter a real number rounded to one decimal place)

image text in transcribed
Assume a supply equation: Q=0.1p0.02pi+0.01N+0.01T0.1w where: p=ownpriceQ=quantitysupplied(thousandsofunits)pi=priceofaninput=$100N=numberoffirms=600T=indexoftechnology=500W=wagerate=$90 The quantity supplied as a function of the price can be written: Q= If the price of the good is $21, what would be the quantity supplied? thousand units. (enter a real number rounded to one decimal place)

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