If the Supply Function for a Product Is Given by

question 90

Multiple Choice

If the supply function for a product is given by , where q represents the number of hundreds of units, what will be the price when the producers are willing to supply 500 units? Round your answer to the nearest cent. ​

• A)$1649.04
• B)$3710.33
• C)$5271.06
• D)$2473.55
• E)$8068.58

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Definitions:

Price of Oil

The cost per barrel of crude oil as determined in global markets, influenced by factors such as supply, demand, geopolitical events, and market speculation.

Unemployment

Is the condition of someone actively looking for employment but unable to find work, often used as a key economic indicator.

Central Bank

The principal monetary authority of a country, responsible for regulating the money supply, issuing currency, and managing interest rates to achieve economic objectives.

Inflation

The rate at which the standard pricing for all goods and services moves upward, reducing the leverage of consumers to buy.