

ExerciseAssume that the demand curve D(p) given below is the market demand for apples:Q = D(p) = 270  15p, p > 0 Let the market supply of apples by given by: Q = S(p) = 42 + 15p, p > 0 where p is the price (in dollars) and Q is the quantity. The functions D(p) and S(p) give the number of bushels (in thousands) demanded and supplied. What is the consumer surplus at the equilibrium price and quantity? Round the equilibrium price to the nearest cent and round the equilibrium quantity DOWN to its integer part. 



Peter Regan teaches decision science courses at Dartmouth’s Tuck School and Duke’s Fuqua School. He also teaches preterm quantitative skills courses at Tuck and Cornell’s Johnson School. He created the MBA Math selfpaced, online preMBA quantitative skills course covering finance, accounting, economics, statistics, and spreadsheets. 

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