Suppose That the Demand Curve for an Advanced Technology Product

question 16

Multiple Choice

Suppose that the demand curve for an advanced technology product for businesses is given by P =10,000 - 4Q³ and supply is P = 2,000 + 4Q³. The consumer surplus at the equilibrium price is ____.

• A) $6,000
• B) $10
• C) $70,000
• D) $30,000

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Definitions:

Sonar Equipment

Equipment that uses sound propagation (usually underwater) to navigate, communicate, or detect objects on or under the surface of the water.

Prevention Cost

Costs incurred to prevent defects in products or services, part of quality control measures.

Quality Training

The process of instructing employees on the standards and procedures necessary to ensure that products or services meet quality expectations.

Debugging Software Errors

The process of identifying, analyzing, and fixing bugs or errors in software code to ensure the program runs correctly and efficiently.