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The Demand Function for a Certain Product Is and the Supply

Question 114

Multiple Choice

The demand function for a certain product is The demand function for a certain product is   and the supply function is   where p is in millions of dollars and x is the number of thousands of units. Find the equilibrium point (x, p)  and the consumer's surplus there. Round your answer to the nearest million dollars, where applicable. ​ A)  Equilibrium point: (4, 64) ; Consumer's surplus: 43 million dollars B)  Equilibrium point: (10, 64) ; Consumer's surplus: 123 million dollars C)  Equilibrium point: (8, 64) ; Consumer's surplus: 203 million dollars D)  Equilibrium point: (4, 8) ; Consumer's surplus: 187 million dollars E)  Equilibrium point: (10, 8) ; Consumer's surplus: 107 million dollars and the supply function is The demand function for a certain product is   and the supply function is   where p is in millions of dollars and x is the number of thousands of units. Find the equilibrium point (x, p)  and the consumer's surplus there. Round your answer to the nearest million dollars, where applicable. ​ A)  Equilibrium point: (4, 64) ; Consumer's surplus: 43 million dollars B)  Equilibrium point: (10, 64) ; Consumer's surplus: 123 million dollars C)  Equilibrium point: (8, 64) ; Consumer's surplus: 203 million dollars D)  Equilibrium point: (4, 8) ; Consumer's surplus: 187 million dollars E)  Equilibrium point: (10, 8) ; Consumer's surplus: 107 million dollars where p is in millions of dollars and x is the number of thousands of units. Find the equilibrium point (x, p) and the consumer's surplus there. Round your answer to the nearest million dollars, where applicable. ​


A) Equilibrium point: (4, 64) ; Consumer's surplus: 43 million dollars
B) Equilibrium point: (10, 64) ; Consumer's surplus: 123 million dollars
C) Equilibrium point: (8, 64) ; Consumer's surplus: 203 million dollars
D) Equilibrium point: (4, 8) ; Consumer's surplus: 187 million dollars
E) Equilibrium point: (10, 8) ; Consumer's surplus: 107 million dollars

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