Suppose the Following Table Gives the Supply and Demand Schedules

question 349

Multiple Choice

Suppose the following table gives the supply and demand schedules, with p in dollars and x as the number of units. Use Simpson's Rule to approximate the consumer's surplus at market equilibrium. Note that market equilibrium can be found from the tables. ​

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• A) $33,846
• B) $27,060
• C) $29,927
• D) $13,420
• E) $31,493

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Definitions:

Neutrality Acts

A series of laws passed in the 1930s by the United States Congress aimed at keeping the nation out of future conflicts, by limiting its involvement in foreign wars and prohibiting arms sales to belligerents.

Belligerents

Parties engaged in conflict or warfare, whether nations, groups, or individuals, characterized by active hostility.

Arms Sales

The business or act of buying and selling military weapons and equipment, either between countries or to non-state actors.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, marked by massive unemployment, widespread poverty, and significant social upheaval.