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unit-2-basic-economic-concepts

Unit-2 Basic Economic Concepts

In this unit we will first spell out the distinction between micro and macroeconomics.

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How do you interpret the following two functions :

(a) Q = -20 + 4P

(b) P = 5 + 0.25 Q


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Learning Pundits Content Team

Written on Apr 25, 2019 12:16:38 PM

(a) This equation would indicate at any given price the quantity supplied by the sellers. Hence, it constitutes the supply curve.

(b) This is the inverse supply curve. It would indicate the minimum price at which each unit of the good will be supplied in the market, (for instance to cover the cost of production).