SOLUTION: The supply function qs = f (p) for a product is quadratic. Three points which lie on the supply function are (60, 2750), (70, 6000) and (80, 9750). a) Determine the equation for

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Question 1163858: The supply function qs = f (p) for a product is quadratic. Three points which lie on the supply function are (60,
2750), (70, 6000) and (80, 9750).
a) Determine the equation for the supply function
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


If is a quadratic, then it can be expressed as:



You are given and

Therefore:







Solve the 3X3 system of linear equations to determine the coefficients and so that you can make the general quadratic:



be the specific quadratic required.

John

My calculator said it, I believe it, that settles it