Inverse supply function

Inverse supply function

A function representing the relationship between quantity supplied and price, specified for convenience with price as a function of quantity instead of the more usual quantity as a function of price. Thus if a conventional supply function is Q_S = a + bP, then the inverse supply function is P = Q_S/b - (a/b). Especially appropriate if supply is infinitely elastic (i.e., constant cost).

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Industry/Domain: Economy
Category: International economics
Company: University of Michigan
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