For a Given Commodity and Pure Competition, the Number of Units

question 41

Short Answer

For a given commodity and pure competition, the number of units produced and the price per unit are determined as the coordinates of the point of intersection of the supply and demand curves. Given the demand curve $p = 60 - \frac { x } { 20 }$ and the supply curve $p = 30 + \frac { x } { 30 } ,$ find the consumer surplus.

---

Definitions:

Personal Factors

Individual characteristics that influence behavior and attitudes, including personality traits, values, and personal experiences.

Environmental Factors

External elements, including geographical, biological, and socio-economic conditions that can impact behavior, health, and development.

Attribution Theory

A theory that explains how individuals infer the causes of their own and others' behavior and events.

Causal Identity Theory

A concept in social psychology that examines how individuals' identities are formed by the causal roles they perceive themselves occupying within the social world.