Green et al. (2005) estimate the supply and demand curves for California processed tomatoes. The supply function is

ln(Q)=0.300+0.500

ln(p),where Q is the quantity of processing tomatoes in millions of tons per year and p is the price in dollars per ton. The demand function is

ln(Q)=2.6000.200

ln(p)+0.150

ln(pt),

where

pt

is the price of tomato paste (which is what processing tomatoes are used to produce) in dollars per ton.Part 2How does the quantity of processing tomatoes supplied vary with the price?Part 3It might be easier for you to exponentiate both sides of the equation first. Exponentiating both sides of the supply equation,Q =

e(0.300+0.500ln(p)).

Part 4The effect of a change in price on quantity supplied is

dQdp=enter your response here.

(Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a fraction can be created with the / character.)