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Use 41the following general linear supply function: Qs = 40 + 6P 8PI +...

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Question

Accounting

Use 41the following general linear supply function:

Qs = 40 + 6P 8PI + 10F

where Qs is the quantity supplied of the good, P is the price of the good, PI is the price of an input, and F is the number of firms producing the good. If PI = $20, F = 60, and the demand function is Qd = 600 6P the equilibrium price and quantity are, respectively,

Multiple Choice

P = $10 and Q = 640.

P = $8 and Q = 326.

P = $10 and Q = 540.

P = $8 and Q = 640.

None of the choices is correct.

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