If the supply function for a product is given by , where q represents the number of hundreds of units, what will be the price when the producers are willing to supply 200 units? Round your answer to the nearest cent.
A) $164.20
B) $369.45
C) $625.29
D) $246.30
E) $1004.28

Question

If the supply function for a product is given by  , where q represents the number of hundreds of units, what will be the price when the producers are willing to supply 200 units? Round your answer to the nearest cent. ​
A) $164.20 
B) $369.45 
C) $625.29 
D) $246.30 
E) $1004.28

Quizplus · Accepted Answer

We are given the supply function: 
p = 11q^2 - 8q + 374

To find the price when the producers are willing to supply 200 units:

q = 2 (since q represents hundreds of units) 
q = 200/100 = 2

Substituting q = 2 in the supply function:

p = 11(2)^2 - 8(2) + 374 
p = 44 - 16 + 374 
p = 402

Rounding to the nearest cent, we get:

p ≈ $246.30

Therefore, the answer is D: $246.30.

If the Supply Function for a Product Is Given by