Suppose the supply function for product x is given by

Suppose the supply function for product X is given by QXS = – 30 + 2Px – 4Pz.

a. How much of product X is produced when Px = $600 and Pz = $60?

b. How much of product X is produced when Px = $80 and Pz = $60?

c. Suppose Pz = $60. Determine the supply function and inverse supply function for good X. Graph the inverse supply function.

Supply function: QXS =

Inverse supply function: PX =

Graph the inverse supply function from QX = 0 to QX = 200