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You have obtained the following supply function for your company: QSUPPLIED = -20 + .8*P - 1.2*PI - .9*PR Where P is the price of
You have obtained the following supply function for your company: QSUPPLIED = -20 + .8*P - 1.2*PI - .9*PR Where P is the price of your product, PI is the price of an input (labor) and PR is the price of a related good in production. Which of the following is a correct statement? Multiple Choice This supply function is flawed because a supply function would never have a term in it for "the price of an input" This supply function is flawed because a supply function would have a MINUS SIGN in front of the "P" term This supply function is flawed because a supply function would never have a term in it for "price of a related good" None of the above is correct
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