Solve
-A Common Equation Used in Business Is a Demand $p = - x ^ { 2 } + 107$

question 245

Multiple Choice

Solve.
-A common equation used in business is a demand equation. It expresses the relationship between the unit price of some commodity and the quantity demanded. In the demand equation $p = - x ^ { 2 } + 107$ , for a certain style of calculator, $\mathrm { p }$ is the price per calculator in dollars and $\mathrm { x }$ is the quantity demanded in thousands. Find the demand for the calculator if the price is $\$ 7$ per calculator.

• A) 11 thousand units
• B) 58 thousand units
• C) 50 thousand units
• D) 10 thousand units

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Definitions:

IASB and FASB

The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) are organizations that establish and communicate standards of financial accounting and reporting.

Financial Reporting

Financial Reporting is the process of producing statements that disclose an organization's financial status to management, investors, and the regulatory authorities.

AICPA

The American Institute of Certified Public Accountants, a professional organization for Certified Public Accountants (CPAs) in the United States.

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and principles that guide financial reporting and accounting practices in the United States.