The demand function for a commodity is given by p = 75 – 3x. Find the consumers’ surplus corresponding to the equilibrium price = 15.
Select one:
a. 100
b. 600
c. 500
d. 200
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Step-by-step explanation:
Compound Interest Formulas
Let P be the principal (initial investment), r be the annual interest rate expressed as a decimal, and A(t) be the amount in the account at the end of t years.
Compounding n times per year
A(t)=P(1+rn)nt
Compounded continuously
A(t)=Pert
If you’re using this formula to find what an account will be worth in the future, t>0 and A(t) is called the future value.
If you're using the formula to find what you need to deposit today to have a certain value P sometime in the future, t<0 and A(t) is called the present value.
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