The Demand Function for a Certain Product Is and the Supply

question 100

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:

Partnership Agreement

A legal document outlining the terms, conditions, and obligations of each partner in a business partnership.

Total Investment

Refers to the cumulative sum of money invested in a particular asset or portfolio over a period of time.

Canadian Dollar

The official currency of Canada, symbolized as CAD in the foreign exchange market.

87.5%

A numerical value representing 87.5 parts out of 100; often used in statistical or financial contexts.