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.

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Definitions:

Expressed Agency

A legal relationship where an agent is explicitly granted the authority by the principal to act on their behalf.

Apparent Agency

The legal doctrine that allows a third party to hold a principal liable for the acts of an agent, where the principal has given the appearance of agency.

Ratification

The process by which someone gives formal consent or approval to something, often a legal or contractual agreement.

Faithless Servant Doctrine

A legal principle that allows employers to recover compensation paid to an employee who has acted disloyally or in breach of contract.