If P = 1/4(Qs + 10). What is the quantity supplied at N14?
Answer Details
The equation given is P = 1/4(Qs + 10), where P represents the price and Qs represents the quantity supplied. To find the quantity supplied at N14, we need to substitute P = 14 into the equation and solve for Qs.
P = 1/4(Qs + 10) (Substitute P = 14)
14 = 1/4(Qs + 10) (Multiply both sides by 4 to isolate Qs)
56 = Qs + 10 (Subtract 10 from both sides)
46 = Qs
Therefore, the quantity supplied at N14 is 46. This means that at a price of 14, suppliers are willing and able to supply 46 units of the product.