The Demand Function for a Certain Product Is and the Supply

question 114

Multiple Choice

The demand function for a certain product is and the supply function is where p is in millions of dollars and x is the number of thousands of units. Find the equilibrium point (x, p) and the consumer's surplus there. Round your answer to the nearest million dollars, where applicable. ​

• A) Equilibrium point: (4, 64); Consumer's surplus: 43 million dollars
• B) Equilibrium point: (10, 64); Consumer's surplus: 123 million dollars
• C) Equilibrium point: (8, 64); Consumer's surplus: 203 million dollars
• D) Equilibrium point: (4, 8); Consumer's surplus: 187 million dollars
• E) Equilibrium point: (10, 8); Consumer's surplus: 107 million dollars

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Definitions:

Balance Sheet

A financial statement that provides a snapshot of a company’s financial position, listing assets, liabilities, and owner’s equity at a specific point in time.

Job Order Cost

The cost calculated for a specific manufacturing job, tracking direct labor, direct materials, and overhead.

Product Quantity

The number of units of a particular product that are produced, available for sale, or sold.

Factory

A building or group of buildings where goods are manufactured or assembled chiefly by machine.