The Demand Equation for the Sicard Sports Watch Is Given

question 4

Multiple Choice

The demand equation for the Sicard sports watch is given by where x (measured in units of a thousand) is the quantity demanded per week and p is the unit price in dollars. Use Simpson's Rule and (take n = 8) to estimate the consumer's surplus if the market price is $25/watch.(Round your answer to two decimal places)

• A) $579,597.2
• B) $364,597.2
• C) $354,597.2
• D) $344,597.2

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Definitions:

Cash Receipts

Cash receipts are the collection of money, including currency, checks, and electronic transfers, received by a business.

Cash Disbursements

Payments a company makes in cash, covering operational expenses, purchases, or investments.

Variable Selling

Costs that vary depending on the level of sales activity, such as commissions or shipping charges.

Administrative Expense

Expenses incurred by a business that are not directly tied to a specific function such as manufacturing, production, or sales. These can include salaries of executive personnel, accounting fees, and HR services.