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, 64); Consumer's surplus: 43 million dollars
B) Equilibrium point: (10, 64); Consumer's surplus: 123 million dollars
C) Equilibrium point: (8, 64); Consumer's surplus: 203 million dollars
D) Equilibrium point: (4, 8); Consumer's surplus: 187 million dollars
E) Equilibrium point: (10, 8); Consumer's surplus: 107 million dollars

Question

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, 64); Consumer's surplus: 43 million dollars 
B) Equilibrium point: (10, 64); Consumer's surplus: 123 million dollars 
C) Equilibrium point: (8, 64); Consumer's surplus: 203 million dollars 
D) Equilibrium point: (4, 8); Consumer's surplus: 187 million dollars 
E) Equilibrium point: (10, 8); Consumer's surplus: 107 million dollars

Quizplus · Accepted Answer

The Answer of 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, 64); Consumer's surplus: 43 million dollars 
B) Equilibrium point: (10, 64); Consumer's surplus: 123 million dollars 
C) Equilibrium point: (8, 64); Consumer's surplus: 203 million dollars 
D) Equilibrium point: (4, 8); Consumer's surplus: 187 million dollars 
E) Equilibrium point: (10, 8); Consumer's surplus: 107 million dollars

The Demand Function for a Certain Product Is and the Supply