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Q2. Supply Function. A review of industry-wide data for the jelly and jam manufacturing industry suggests the following industry supply function Q = - 59,000,000

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Q2. Supply Function. A review of industry-wide data for the jelly and jam manufacturing industry suggests the following industry supply function Q = - 59,000,000 + 500 ,000P - 125,000PL - 500 ,000PK + 2 ,000 ,000W where Q is cases supplied per year, P is the wholesale price per case ($), PL is the average price paid for unskilled labor ($), PK is the average price of capital (in per cent), and W is weather measured by the average seasonal rainfall in growing areas (in inches). A. Determine the industry supply curve for a recent year when PL = $8, PK = 10 per cent, and W = 20 inches of rainfall. Further, show the industry supply curve with quantity expressed as a function of price, and price expressed as a function of Quantity

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