Given a consumer's demand function, $D ( q ) = \frac { 400 } { 0.7 q + 8 }$ dollars per unit, find the total amount of money consumers are willing to spend to get 10 units of the commodity.
A) $0.63
B) $251.44
C) $179.60
D) $359.20

Question

Quizplus · Accepted Answer

To find the total amount spent for 10 units, calculate the sum of the demand function values from 1 to 10: $\sum_{q=1}^{10} D(q)$. This results in $359.20.

Given a Consumer's Demand Function D(q)=4000.7q+8D ( q ) = \frac { 400 } { 0.7 q + 8 }D(q)=0.7q+8400​

Given a Consumer's Demand Function $D ( q ) = \frac { 400 } { 0.7 q + 8 }$