Concept explainers
SUPPLY FUNCTION FOR A DIGITAL RECORDER Suppliers of a certain brand of digital voice recorders will make 10,000 available in the market if the unit price is $45. At a unit price of $50,20,000 units will be made available. Assuming the relationship between the unit price and the supplied is linear, derive the supply equation. Sketch the supply curve, and determine the quantity suppliers will make available when the unit price is $70.
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