The Demand Function for a Product Is , and the Supply

question 273

Multiple Choice

The demand function for a product is , and the supply function for it is , where p is the number of dollars and x is the number of units. If the equilibrium price is $248 what is the producer's surplus at the equilibrium price? Round to the nearest cent. ​

• A) $34.51
• B) $58.67
• C) $152.53
• D) $82.13
• E) $176.00

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Definitions:

Direct Materials Budget

A financial plan that estimates the raw materials required for production and the expected costs.

Quantity Purchased

The total amount of a product that a consumer or company acquires.

Cost Purchased

The total price paid to acquire goods or services, including the purchase price and any additional charges necessary to obtain the asset.

Production Budget

A financial plan that estimates the number of units to be produced to meet sales goals and manage inventory levels.