The Demand Equation for the Sicard Sports Watch Is Given

question 241

Multiple Choice

The demand equation for the Sicard sports watch is given by where x (measured in units of a thousand) is the quantity demanded per week and p is the unit price in dollars.Use Simpson's Rule and (take n = 8) to estimate the consumer's surplus if the market price is $25/watch.(Round your answer to two decimal places)

• A)$579,597.2
• B)$364,597.2
• C)$354,597.2
• D)$344,597.2

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Definitions:

Drive State

A psychological state that motivates an organism to satisfy a physiological need, such as hunger or thirst.

Habit Strength

The strength of the connection between a particular environmental stimulus and a specific response.

Hull

Refers to Clark L. Hull, a psychologist known for his work in drive theory and behaviorism, emphasizing the importance of rigorous scientific methods in psychological research.

Drive

An intense internal force that motivates behavior.