Conclude the supply function also inverse supply

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Reference no: EM1321843

Q. Assume the supply function for product X is given by Q (s-(supply) of x) = -50 +0.5P(Price) of x - 5P(Price) of z.

a. Elucidate how much of product X is produced when P of x = $500 also P of z = $30?

b. Elucidate how much of product X is produced when P(Price) of x = $50 also P(Price) of z = $30?

c. Assume P(price) of z = $30. Conclude the supply function also inverse supply function for good X. Graph the inverse supply function.

Reference no: EM1321843

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