Question 13
Theory of SupplyThe supply of rice in tons is given by the function: Qs − 80 − 0.7P = 0. Where Qs = quantity supplied P = price in Dollars ($). Find Qs, when P = $40.
- A.108 tons.
- B.52 tons.
- C.−52 tons.
- D.−108 tons.
Show the answer and explanation
Answer: A (108 tons.)
Explanation
Qs = 80 + 0.7 × 40 = 80 + 28 = 108 tons.