The Demand Function for a Certain Product Is and the Supply

question 143

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:

Transductive Reasoning

A type of reasoning common in early childhood where individuals make inferences from one specific event to another, without using abstract logic.

Secure Attachment

The ways that infants use their caregiver, usually their mother, as a secure base from which to explore the environment.

Caregiver

An individual responsible for providing physical and emotional care to someone who is unable to look after themselves due to age, illness, or disability.

Secure Base

A concept in attachment theory referring to the emotional and physical safety provided by a caregiver, enabling individuals to explore and interact with their environment confidently.