A concert promoter has been selling 280 T-shirts on average at performances for $17 each. They estimate that for each dollar they lower the price, they will sell an additional 40 shirts. Find the demand function for the shirts. (Write the function in terms of price p and number of T-shirts sold q.) And calculate the consumer surplus if the shirts are sold for $13 each.
A concert promoter has been selling 280 T-shirts on average at performances for $17 each. They estimate that for each dollar they lower the price, they will sell an additional 40 shirts. Find the demand function for the shirts. (Write the function in terms of price p and number of T-shirts sold q.) And calculate the consumer surplus if the shirts are sold for $13 each.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A concert promoter has been selling 280 T-shirts on average at performances for $17 each. They estimate that for each dollar they lower the price, they will sell an additional 40 shirts. Find the
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