Suppose the following table gives the supply and demand schedules, with p in dollars and x as the number of units. Use Simpson's Rule to approximate the consumer's surplus at market equilibrium. Note that market equilibrium can be found from the tables.
?
Supply
Schedule
Demand
Schedule
x
p
x
p
0
120
0
2,450
10
260
10
1,600
20
380
20
1,250
30
450
30
940
40
540
40
820
50
630
50
732
60
680
60
680
70
720
70
650
?
A. $33,846
B. $27,060
C. $29,927
D. $13,420
E. $31,493
Answer: B
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