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,at what price would there be 164,000 cars supplied?

Question

Quizplus · Accepted Answer

Given the equation and the values for the price of steel ($10) and the wage of workers ($20), we substitute these values into the equation to solve for the price of cars when the quantity supplied is 164,000 (or 164 in thousands). The equation becomes 164 = 100 + 4 × P_Cars - 2 × 10 - 0.2 × 20. Solving this equation for P_Cars gives us the price of cars as $22,000.

Consider the Relationship Given by QCars = 100 + 4

Consider the Relationship Given by Q_Cars = 100 + 4