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.

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. ​

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