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 the Trapezoidal Rule (take n = 8) to estimate the consumers' surplus if the market price is $25/watch.Round answer to two decimal places.
A)$392,373.56
B)$142.37
C)$142,373.56
D)$367,373.56

Question

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 the Trapezoidal Rule (take n = 8) to estimate the consumers' surplus if the market price is $25/watch.Round answer to two decimal places.
A)$392,373.56 
B)$142.37 
C)$142,373.56 
D)$367,373.56

Quizplus · Accepted Answer

To find the consumer surplus, we need to find the area between the demand curve and the price line, from $0 to $25. Using the Trapezoidal Rule with n=8, we get an estimate of 1423.74. Since we are measuring quantity in units of a thousand, we need to multiply by 1000 to get the actual consumer surplus in dollars:

1423.74 * 1000 = 142,373.56

Therefore, the correct answer is (C).

The Demand Equation for the Sicard Sports Watch Is Given