The supply curve for product X is given by QXS = -340 + 20PX . a. Find the inverse supply curve. P = ____ + ____Q b. How much surplus do producers receive when Qx = 420? When Qx = 1,120? When QX = 420: $ When QX = 1,120: $

The supply curve for product X is given by QXS = -340 + 20PX .

a. Find the inverse supply curve.

P = ____ + ____Q

b. How much surplus do producers receive when Qx = 420? When Qx = 1,120?

When QX = 420: $
When QX = 1,120: $

 

 

 

Answer:

a)

Qx = -340 + 20Px

20Px = 340 + Qx

Px = (340 + Qx)/20

Px = 17 + 0.05Qx

b)

When Qx=420

= 17 + 0.05(420)

= 38

When Qx=1120

= 17 + 0.05(1120)

= 73

Asked on February 14, 2018 in economics.
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