The demand function for a certain product is
and the supply function is
where p is in millions of dollars and x is the number of thousands of units. Find the equilibrium point (x, p) and the consumer's surplus there. Round your answer to the nearest million dollars, where applicable.
A) Equilibrium point: (4, 70) ; Consumer's surplus: 43 million dollars
B) Equilibrium point: (6, 70) ; Consumer's surplus: 129 million dollars
C) Equilibrium point: (30, 70) ; Consumer's surplus: 215 million dollars
D) Equilibrium point: (4, 30) ; Consumer's surplus: 199 million dollars
E) Equilibrium point: (6, 30) ; Consumer's surplus: 113 million dollars
Correct Answer:
Verified
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