The Demand Function for a Product Is , Where

question 32

Multiple Choice

The demand function for a product is , where p is the number of dollars and x is the number of units. If the equilibrium quantity is $7, what is the consumer's surplus? Round your answer to two decimal places. ​

• A) $22.86
• B) $28.24
• C) $48.00
• D) $62.40
• E) $115.20

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Definitions:

Secretin

A hormone produced by the duodenum that stimulates the pancreas to release bicarbonate-rich fluids to neutralize stomach acid.

Gastrin

A hormone produced by the stomach that stimulates the secretion of gastric acid.

CCK

Cholecystokinin, a hormone that stimulates the digestion of fats and proteins by promoting the release of digestive enzymes and bile from the pancreas and gallbladder.

Submucosa

A layer of tissue beneath the mucosa, containing blood vessels, nerves, and connective tissue, providing support and nourishment to the mucosal layer.