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Consumer & Producer Surplus · Question 49 of 70

What is the most buyers of the earphones would have been willing to pay in all for that quantity?

Question 49

MediumOriginal question

The demand function for a brand of earphones is p=50−x2p = 50 - x^{2}, where pp is the price in rupees and xx the quantity demanded. The market price is ₹14.

What is the most buyers of the earphones would have been willing to pay in all for that quantity?

Options for question 49

Show the answer and explanation
CorrectNot quiteAnswer D

Correct answer: D

Explanation

  1. It is the area under the demand curve: ∫06(50−x2) dx=[50x−x33]06\int_0^{6}(50 - x^{2})\,dx = \left[50x - \frac{x^{3}}{3}\right]_0^{6}.

  2. 300−72=228300 - 72 = 228.

Worth noting

₹300 forgets to subtract x33\frac{x^{3}}{3}.

Concept
Willingness to pay as an area
Typical time
120 s
Your time
—
The rule this testsConsumer surplus
Practise this chapter →

Ten questions from Consumer & Producer Surplus, at your own pace.

Practise this chapter →

Ten questions from Consumer & Producer Surplus, at your own pace.