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Inverse supply function

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Reference no: EM131686972

The inverse supply function is given by Px = (1/20)Qx + 26. Good X is a divisible good.

(1) The economic meaning of Qx in the inverse supply function is 'quantity ordered.' What is the economic meaning of Px in the inverse supply function?

(2) How much surplus do producers receive when Qx = 400?

Reference no: EM131686972

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