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5 November, 15:01

Given the pork supply function Q = 178 + 40p - 60p_h. how does the supply function, Q = 88 + 40p. change if the price of hogs increases from $1.50 to $1.90 per kg? If the price of hogs increases to $1.90 per kg, then the supply function will be Q =

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  1. 5 November, 17:31
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    The supply function of pork Q = 178 + 40p - 60p_h

    When the price of hog is 1.50:

    Q = 178 + 40p - 60 (1.50)

    = 178 + 40p - 90 = 88+40p

    When the price of hog increases to 1.90:

    Q = 178 + 40p - 60 (1.90)

    = 178 + 40p - 114 = 64+40p
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