The Quantity Demanded (In Units of a Hundred) of the Miniature

question 73

Multiple Choice

The quantity demanded (in units of a hundred) of the miniature cameras per week is related to the unit price (in dollars) by and the quantity (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price (in dollars) by If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus.Please round the answers to the nearest dollar.

• A)The consumers' surplus: $26,704, the producers' surplus: $142,718
• B)The consumers' surplus: $142,718, the producers' surplus: $26,704
• C)The consumers' surplus: $18,333, the producers' surplus: $20,000
• D)The consumers' surplus: $20,000, the producers' surplus: $18,333
• E)The consumers' surplus: $44,040, the producers' surplus: $21,478

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Definitions:

Constant Flow

A steady, unchanging rate of movement or supply of a fluid, energy, or another quantifiable phenomenon.

Mechanism

A system of parts working together in a machine or an intricate process.

Directed

Guided or managed towards a specific aim or goal.

Stimulus-Response Analysis

The examination of how an individual or organism responds to a specific environmental stimulus.