Question

Suppose that the market supply of baseball caps in the local area is given by the following equation:Qs = 327 + 1Pwhere Qs is the quantity baseball caps per month that sellers in the local area would be willing to provide at a price of P dollars.What is the quantity supplied at a price of 11 dollars?

Answer 1

Step-by-step explanation:

Given:

Equation:

Qs = 327 + 1P

where:

Qs = the quantity baseball caps per month that sellers in the local area would be willing to provide

P = price in dollars

Since the price is given, we plug in P= 11 into Qs = 327 + 1P.

So,

Qs = 327 + 1P

=327 + 1(11)

Calculate

Qs = 338

Therefore, the quantity supplied at a price of 11 dollars is 338.