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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)
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