The demand function for a certain brand of DVD is given by p = = -0.001x² – 0.2x + 8 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the consumers' surplus if the mar- ket price is set at $18 per disc.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
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ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
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Chapter3: Demand Analysis
Section: Chapter Questions
Problem 6E
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The demand function for a certain brand of DVD is given by
p =
= -0.001x? – 0.2x + 8
where p is the unit price in dollars and x is the quantity demanded each week,
measured in units of a thousand. Determine the consumers' surplus if the mar-
ket price is set at $18 per disc.
Transcribed Image Text:The demand function for a certain brand of DVD is given by p = = -0.001x? – 0.2x + 8 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the consumers' surplus if the mar- ket price is set at $18 per disc.
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