Answer to Question #268295 in Microeconomics for edwin

Question

Using the supply function, you can get the quantity supplied if there is a

given price. Substitute the peso price in variable P and Multiply it by slope +10, the

available answer will be added to 0 (intercept). From here you will get the answer

10 quantity supplied. In the second example, the price of 5 is multiplied by 10. The

quantity supplied is 50.

Answer 1

a)

The supply function

$Q_s = a+ bp$

Where

$Q_s -$ Quantity supplied 

$a -$ Factors influencing demand besides price (intercept)

$b$ - Slope

$P$ - Price

$Q_s =a+10*1$

but the intercept is

Therefore

$Q_s =0+10*1$

$Q_s =10$

b)

The supply function

$Q_s = a+ bp$

$Q_s =a+10*5$

but the intercept is

Therefore

$Q_s =0+10*5$

$Q_s =50$