Question #278005

) Given the supply function, P = 500 + 2Q, where P is the price of a bottle of a perfume,



Q is the number of litres supplied.



(a) Graph the supply function. What is the meaning of value of the vertical intercept.



(b) What is the value of Q when P = k750?

1
Expert's answer
2021-12-10T11:25:00-0500

a)Supply function is; P=500+2QP=500+2Q


When x intercept is zero; Q=5002=250Q=\frac{-500}{2}=-250


When y intercept is zero;

P=500P=500





b)Value of Q when P=K750

Supply function becomes;

750=500+2Q750=500+2Q

250=2Q250=2Q

Q=125Q=125



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