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

question 79

Multiple Choice

The quantity demanded x (in units of a hundred) of the miniature cameras per week is related to the unit price p (in dollars) by ​
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And the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (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.
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• A) The consumers' surplus: $22,075, the producers' surplus: $26,872
• B) The consumers' surplus: $6,667, the producers' surplus: $11,667
• C) The consumers' surplus: $22,161, the producers' surplus: $39,729
• D) The consumers' surplus: $11,667, the producers' surplus: $6,667
• E) The consumers' surplus: $39,729, the producers' surplus: $22,161

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Definitions:

Relate

To establish a connection or relationship between two or more things.

Balance Sheet Accounts

Balance sheet accounts are the accounts that reflect the assets, liabilities, and shareholders' equity of a company, as recorded on the balance sheet.

Income Statement Accounts

Accounts that are used to prepare the income statement, summarizing a company's revenues, expenses, and profits over a period.

Deferrals

Income or expenses that have been recorded but not yet earned or used, respectively, affecting future accounting periods.