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21. Consider the supply function: Qs = 60 + 5P – 12 PI + 10F Where Qs = quantity supplied, P = price of the commodity, PI = price of a key input in the production process, and F = number of firms producing the commodity. 15 Marks a. Interpret the slope parameters on P, PI, and F. 3 marks b. Derive the equation for the supply function when PI =$90 and F = 20. 1 mark c. Sketch a graph of the supply function in part b. At what price does the supply curve intersect the price axis? Give an interpretation of the price intercept of this supply curve. 6 marks d. Using the supply function from part b, calculate the quantity supplied when the price of the commodity is $300 and $500. 2 marks e. Derive the inverse of the supply function in part b. using the inverse supply function; calculate the supply price for 680 units of the commodity. Give an interpretation of the supply price. 3 marks
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