Suppose That the Demand Curve for an Advanced Technology Product

question 36

Multiple Choice

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

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

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Definitions:

Middle Ear

The part of the ear that channels and amplifies sound through the eardrum, hammer, anvil, and stirrup to the inner ear.

Eardrum

A slim barrier that divides the external ear from the internal ear and oscillates when influenced by sound vibrations.

Middle Ear

The part of the ear that contains three small bones (the hammer, anvil, and stirrup) that transmit sound vibrations from the eardrum to the inner ear.

Outer Ear

The outermost part of the ear, consisting of the pinna and the external auditory canal.