Open question:

l. The following information relates to Questions 1 through 6. An individual seller's supply function for gasoline per week in a small town is given by the equation Q; = 175 + 250%. 5W where Q; is thousands of gallons per week supplied, Pg is the price of gasoline per gallon and W is the wage rate in euros that it must pay its laborers. Assume that the price of gasoline per gallon is 63 and wage is 15. The supply side of the market consists of a total of twentyr identical sellers in this competitive market Determine the inverse market supply lnction and interpret