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Write the algebraic form of the supply curve

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Reference no: EM132639328

The supply function for good X is given byQsx = 197 + 4Px - 3Pz - 5Pw where Px is the price of X, Pz is the price of good Z, and Pw is the price of input W.

If Pz = 25, and Pw = 30.

  • Write the algebraic form of the supply curve
  • Use the information to graph the supply curve
  • Use the market clearing condition to calculate the equilibrium price and quantity.
  • Calculate the own-price elasticity of demand at equilibrium price.
  • Calculate the cross-price elasticity of demand at equilibrium price.
  • Calculate the income elasticity of demand at equilibrium price.

Reference no: EM132639328

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