The Demand Function for a Certain Make of Replacement Cartridges

question 106

Multiple Choice

The demand function for a certain make of replacement cartridges for a water purifier is given by where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the consumers' surplus if the market price is set at $5/cartridge. Round your answer to the nearest dollar.

• A) $16,333
• B) $16,800
• C) $16,667
• D) $16,886

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Definitions:

Marketing Mix

The blend of marketing tools that a company uses to pursue its marketing objectives in the target market, traditionally identified as product, price, place, and promotion.

Defensible Position

A competitive advantage or market position that a company can maintain and defend against competitors.

Customer Loyalty

A measure of a customer's willingness to continue buying from or patronizing a brand or company over time.

Customer Needs

The specific desires, requirements, or preferences of customers that businesses aim to fulfill with their products or services.