Assume a supply equation:
Q = 0.1p - 0.02pi + 0.01N + 0.01T - 0.1w
where:
p = own price
pi = price of an input = $50
Q = quantity supplied (thousands of units)
N = number of firms = 100
T = index of technology = 300
w = wage rate = $30
The quantity supplied asa function as the price can be written: ____
If the price of the good is $16, what would be the quantity supplied? (in thousands units)