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Q. Assume the supply function for product X is given by Q (s-(supply) of x) = -50 +0.5P(Price) of x - 5P(Price) of z.
a. Elucidate how much of product X is produced when P of x = $500 also P of z = $30?
b. Elucidate how much of product X is produced when P(Price) of x = $50 also P(Price) of z = $30?
c. Assume P(price) of z = $30. Conclude the supply function also inverse supply function for good X. Graph the inverse supply function.
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