In Problem 1, Sir Plus Has a Demand Function for Mead

question 20

Multiple Choice

In Problem 1, Sir Plus has a demand function for mead that is given by the equation D(p) = 100 - p. If the price of mead is $95, how much is Sir Plus's net consumer's surplus?

• A) 25
• B) 6.25
• C) 5
• D) 12.50
• E) 9,500

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Definitions:

Fraction

A mathematical expression representing a part of a whole, displayed as a numerator over a denominator.

Percentage

A numerical value representing a part of 100, signaled by a fraction or ratio.

Subtract

To take away a number or amount from another, leaving a difference.

Least Common Denominator

The smallest common multiple of the denominators of two or more fractions, used in addition and subtraction of fractions.