Find the Consumer and Producer Surpluses by Using the Demand $~~~~~~~~~~~~~~~~$

question 31

Multiple Choice

Find the consumer and producer surpluses by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions) . Demand Function $~~~~~~~~~~~~~~~~$ Supply Function
$P = 975 - 23 x ~~~~~~~~~~~\quad 42 x$

• A)a. $2587.50b. $3725.00
• B)a. $5587.50b. $4725.00
• C)a. $2587.50b. $1725.00
• D)a. $1587.50b. $4725.00
• E)a. $3587.50b. $4725.00

---

Definitions:

Research Hypothesis

An educated guess or prediction made for the purpose of testing through scientific research, stating a potential outcome or relationship.

Critical Values

Thresholds in hypothesis testing which, if exceeded by the test statistic, indicate that the null hypothesis can be rejected.

Standard Deviation

A metric that quantifies how spread out a dataset is in comparison to its average value.

Standard Error

The standard deviation of the sampling distribution of a statistic, often used to calculate confidence intervals or test hypotheses.