Find the Consumer Surplus and Producer Surplus $p = 70 - 0.5 x$

question 233

Multiple Choice

Find the consumer surplus and producer surplus.
Demand $p = 70 - 0.5 x$
Supply $p = 0.125 x$

• A)Consumer surplus: $3136Producer surplus: $784
• B)Consumer surplus: $3286Producer surplus: $784
• C)Consumer surplus: $3236Producer surplus: $784
• D)Consumer surplus: $3186Producer surplus: $784
• E)Consumer surplus: $3336Producer surplus: $784

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Definitions:

Binomial Distribution

A probability distribution that models the number of successes in a fixed number of independent Bernoulli trials with the same probability of success.

F-distribution

A probability distribution that arises in the analysis of variance and is used to calculate whether two observed variances are significantly different.

Matched Pairs

A study design where subjects are paired based on certain criteria, ensuring that each pair is similar except for the treatment given.

Mean Difference

The average difference between two sets of data points, often used in comparing the means from two samples.