Consider the relationship given by Q_Cars = 100 + 4 × P_Cars - 2 × P_Steel - 0.2 × P_Workers,where Q_Cars is the quantity of cars supplied (in thousands),P_Cars is the price of cars (in thousands of dollars),P_Steel is the price of steel,and P_Workers is the wage earned by autoworkers.If the price of steel is $10 per unit and the price of workers (the wage)is $20,how many cars will be supplied if the price of cars is $20,000? A) 96,000 B) 156,000 C) 204,000 D) 960,000

Question

Quizplus · Accepted Answer

Substitute P_Cars = $20,000, P_Steel = $10, and P_Workers = $20 into the equation given above to get: Q_Cars = 100 + 4 × $20,000 - 2 × $10 - 0.2 × $20 Q_Cars = 156,000 Therefore, 156,000 cars will be supplied if the price of cars is $20,000.

Consider the Relationship Given by QCars = 100 + 4

Consider the Relationship Given by Q_Cars = 100 + 4