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.

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)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 6E

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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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