The Demand Function for a Certain Commodity Is $p ( x ) = 4 - \frac { 1 } { 30 } x$

question 148

Multiple Choice

The demand function for a certain commodity is $p ( x ) = 4 - \frac { 1 } { 30 } x$ Find the consumer surplus when the sales level is 30.

• A)90
• B)45
• C)15
• D)70
• E)30
• F)60
• G)20
• H)80

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Definitions:

Stock Prices

The market price at which shares of public companies are bought and sold, reflecting the value that investors place on these companies.

Price Level

The overall current average price of goods and services within the economic framework.

Real GDP

Gross Domestic Product adjusted for inflation, reflecting the value of all goods and services produced by an economy in a given year at constant prices.

Short Run

A period in which at least one input is fixed, and only some of the production inputs can be varied.