Concept explainers
Consumers’ Surplus for Sports Watches Refer to Section 6.7. The demand equation for the Sicard sports watch is given by
where x (measured in units of a thousand) is the quantity demanded per week and p is the unit price in dollars. Use (a) the Trapezoidal Rule and (b) Simpson’s Rule (take n = 8) to estimate the consumers’ surplus if the market price is $25/watch.
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