Consider the inverse supply function Pv45135Qv what is the t
Consider the (inverse) supply function: Pv:=45+13.5Qv what is the total cost of producing Q=16.5 units?
Solution
The answer is total cost = 45+13.5 multiplied by 16.5.=45+222.75=267.75 . we have to simply substitute value of 16.5 in supply function to arrive at total cist
