The Demand Function for a Certain Product Is and the Supply

question 27

Multiple Choice

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, 70); Consumer's surplus: 43 million dollars
• B)Equilibrium point: (6, 70); Consumer's surplus: 129 million dollars
• C)Equilibrium point: (30, 70); Consumer's surplus: 215 million dollars
• D)Equilibrium point: (4, 30); Consumer's surplus: 199 million dollars
• E)Equilibrium point: (6, 30); Consumer's surplus: 113 million dollars

---

Definitions:

Options

Financial derivatives that provide the buyer the right, but not the obligation, to buy or sell an asset at an agreed-upon price and date.