The Supply Function for a Certain Make of Transistor Radio

question 213

Multiple Choice

The supply function for a certain make of transistor radio is given by , where x is the quantity supplied and p is the unit price in dollars. What is the rate of change of the unit price if the quantity supplied is 100,000 transistor radios?

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Definitions:

Total Production

The total output of goods or services produced by an individual firm or an entire industry over a specific period.

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity (such as production of a good or service) more efficiently than another activity.

Opportunity Cost

The loss experienced from bypassing the following superior alternative in the course of decision-making.

Capital

Refers to financial assets or the financial value of assets, such as funds held in deposit accounts, as well as the tangible machinery and production equipment used in environments such as factories.