The supply curve for product X is given by QXS 460 20PX a

The supply curve for product X is given by QXS = -460 + 20PX

a. Find the inverse supply curve P =_____ + ______Q

b. How much surplus do producers receive when Qx = 380? When Qx = 1,120?

When QX = 380: $ _________

When QX = 1,120: $________________

Solution

Ans: a) Here P=Q/20 + 23

b) With Q=380, surplus = `$42, with Q= 1120, surplus= $79

(Ans)