Use the Following General Linear Supply Function $Q _ { 5 } = 40 + 6 P - 8 P _ { I } + 10 F$

question 74

Multiple Choice

Use the following general linear supply function: $Q _ { 5 } = 40 + 6 P - 8 P _ { I } + 10 F$ where $Q _ { 5 }$ is the quantity supplied of the good,P is the price of the good, $P _ { I }$ is the price of an input,and F is the number of firms producing the good.If $$P _ { I }$$ = $20,F = 60,and the demand function is $Q _ { d } = 600 - 6 P$ the equilibrium price and quantity are,respectively,

• A)P = $10 and Q = 640.
• B)P = $8 and Q = 326.
• C)P = $10 and Q = 540.
• D)P = $8 and Q = 640.
• E)none of the above.

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Definitions:

Whelks

Marine gastropod mollusks, often found in cold seas, characterized by their spiral shells and carnivorous habits.

Handling Time

The duration of time an organism spends processing its captured food before consuming it.

Crows

Members of the genus Corvus, characterized by their strong social behavior, adaptability, and intelligence, including their ability to use tools and recognize human faces.

Adaptive Foraging Strategy

Behavior modification by an organism to increase its survival or reproductive success when finding food.