In this problem, p is in dollars and x is the number of units. The demand function for a product is p = 300/(x + 3). If the equilibrium quantity is 7 units, what is the consumer's surplus? (Round your answer to the nearest cent.) 24
In this problem, p is in dollars and x is the number of units. The demand function for a product is p = 300/(x + 3). If the equilibrium quantity is 7 units, what is the consumer's surplus? (Round your answer to the nearest cent.) 24
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter4: Demand, Supply, And Markets
Section: Chapter Questions
Problem 2QFR
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Hi,
I need help finding the correct solution for this problem. I have tried entering both "30" and "30.00" as the solution, but the program marked both as incorrect. I'm not sure whether I'm making a small error or if I'm completely off.
Please help,
Thank you.
![In this problem, p is in dollars and x is the number of units.
The demand function for a product is p = 300/(x + 3). If the equilibrium quantity is 7 units, what is the consumer's
surplus? (Round your answer to the nearest cent.)
%$4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F609a3c16-e5e6-4a89-917b-5e5afa5a3e15%2F377a756d-d9e0-4d36-a84c-4ca565d154a7%2Fo8np9fa_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In this problem, p is in dollars and x is the number of units.
The demand function for a product is p = 300/(x + 3). If the equilibrium quantity is 7 units, what is the consumer's
surplus? (Round your answer to the nearest cent.)
%$4
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