Suppose That the Demand Function for an Appliance Is

question 153

Multiple Choice

Suppose that the demand function for an appliance is where q is the number of units and p is in dollars. What is the consumer's surplus if the equilibrium price is $17.6 and the equilibrium quantity is 21? Round your answer to the nearest dollar. ​

• A) $473
• B) $475
• C) $811
• D) $848
• E) $474

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Definitions:

Moderation

The action of reducing extremes or excesses; maintaining balance or avoiding any form of extremism.

Individual

Referring to a single person or thing, distinct from a group or aggregate.

Golden Mean

In Aristotelian ethics, the desirable middle between two extremes, one of excess and the other of deficiency, representing balance and moral virtue.

Practical Wisdom

The ability to make sound judgments and decisions based on experience and understanding, particularly in everyday matters.