This concept is captured in the following equation, which represents an individual seller’s supply function:
Equation (7)
Qsx=f(Px,W,…)
where Qsx is the quantity supplied of some good X, such as gasoline, Px is the price per unit of good X, and W is the wage rate of labor in, say, dollars per hour. It would be read, “The quantity supplied of good X depends on (is a function of) the price of X (its “own” price), the wage rate paid to labor, etc.”
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