Assignment:
Suppliers of transistor radios will market 10,000 units when the unit price is $20 and 62,500 units when the unit price is $35. Determine the supply function if it is known to have the form
P = a¡Ìx+b (a ¡Ý0, b ¡Ý 0)
Where x is the quantity supplied and p is the unit price in dollars. Sketch the graph of the supply supply function. What unit price will induce the supplier to make 40,000 transitor radios available in the marketplace?
Provide complete and step by step solution for the question and show calculations and use formulas.