Essay
Suppose the yearly supply function for paintings from an artist is p = 3000x.
(a)How many paintings per year will be supplied if the price is $21,000 per painting?
(b)How many paintings per year will be supplied if the price is $51,000 per painting?
(c)How does the amount supplied change as the price increases?
Correct Answer:
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(a)7 paintings per year
(b)17 ...
(b)17 ...
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