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

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, 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

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, 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

The Demand Function for a Certain Product Is and the Supply