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:

Relativistic

Pertaining to the concept that points of view have no absolute truth or validity, having only relative, subjective value according to differences in perception and consideration.

Pragmatic Thought

A mode of thinking concerned with practical matters and the application of ideas and theories to solve problems or achieve goals.

Reflective

Thoughtful consideration of one's experiences and actions.

Autonomous

Having the freedom to govern oneself or to act independently without being controlled by others.