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The supply function of a product X is gi...

The supply function of a product X is given as: Sx 6Px+3, where Px stands for price. The sprice of 5 will be:

A

18

B

9

C

33

D

14

Text Solution

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The correct Answer is:
C
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The are 10,000 identical individual buyers in the market for commodity X, each with a demand fucntion given by Qdx=12-2Px and 1,000 indentical producers of commodity X, each with a supply function given by Qsx=20Px. (i) Find the market demand function and the market supply function for commodity X. (ii) Obtain the equilibrium price and equilibrium quantity. (iii) Suppose the government decides to collect a tax of rupee 2 per unit sold from each of the 1,000 sellers of commodity X. What effect will this have on the equilibrium price and quantity of commodity X?

SANDEEP GARG-SUPPLY -MULTIPLE CHOICE QUESTIONS (MCQs)
  1. Which of the following statement is not vaild with repect to 'Law ...

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  2. Supply is said to be unitary elastic, when :

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  3. Due to installation of machine with lastest technology, the cost of ...

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  4. The market supply of a commodity is affected by:

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  5. In case of less elastic supply, supply curve:

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  6. "Increase in Supply" of a product is caused by:

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  7. The supply curve of a given commodity is given to be S(0). On the basi...

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  8. The supply curve of a given commodity is given to be S(0). On the basi...

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  9. The supply curve of a given commodity is given to be S(0). On the basi...

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  10. If quantity supplied increases by 60 % due to a 50% increase in price,...

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  11. The supply function of a product X is given as: Sx 6Px+3, where Px sta...

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  12. The supply function of a product X is given as: Sx 6Px+3, where Px sta...

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  13. The supply function of a product X is given as: Sx 6Px +3, where Px st...

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  14. which of the following diagram correctly depicts the situation of ...

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  15. Expansion in Supply is shown in :

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  16. The given diagram is a case of …………….. Supply

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  17. The following supply curves shits from SS to S(1)S(1) due to:

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  18. Degradation o technology will have the following effect on the su...

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  19. Which of the following measure of prices elasticity shows elastic ...

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  20. Which of the following does not casue shift so supply curves of a goo...

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