For the supply equation , where x is the quantity supplied in units of a thousand and p is the unit price in dollars, determine the price at which the supplier will make 2 units of the commodity available in the market.

Question

For the supply equation  , where x is the quantity supplied in units of a thousand and p is the unit price in dollars, determine the price at which the supplier will make 2 units of the commodity available in the market. ​

Quizplus · Accepted Answer

Substitute x=2 in the given equation:

p = (90 - 4(2))/11 = 82/11 = 7.45

Rounding to the nearest dollar gives p = $90.

For the Supply Equation , Where X Is the Quantity