City Mesa Miramar Continuing Ed My Institutio Chaptor 3 InQu

City Mesa Miramar Continuing Ed. My Institutio Chaptor 3> InQuizitive: Chaptor 3: The Market at Work: Supply and Demand INQUIZITIVE Chapter 3: The Market at Work: Supply and Demand e Page 85 3.3. What determines supply? Suppose that the supply of automobiles is given by the equation P-5,000 2,0000 where P is the price in dollars and Q is the quantity of cars. At a price of $23,000 each, how many cars will be supplied? cars Done

Solution

P = - 5,000 + 2,000Q

When P = $23,000, we get

23,000 = - 5,000 + 2,000Q

2,000Q = 28,000

Q = 14