Sir Plus Has a Demand Function for Mead That Is

question 15

Multiple Choice

Sir Plus has a demand function for mead that is given by the equation D(p) = 100 - p.If the price of mead is $85, how much is Sir Plus's net consumer's surplus?

• A)15
• B)225
• C)56.25
• D)112.50
• E)7,650

---

Definitions:

Information Search

The process by which consumers gather details about products, services, and other relevant information to make an informed purchase decision.

Vendor Ratings

Refers to evaluations or assessments of a vendor's performance, quality, reliability, and value by customers or industry analysts.

Derived Demand

The demand for a good or service that arises from the demand for another good or service, as seen in supply chain relationships.

Awards Contract

A formal agreement given after a tendering process, where a party commits to providing goods or services.