Suppose the Demand and Supply Curves for Shampoo Are Given

question 84

Essay

Suppose the demand and supply curves for shampoo are given by
Q^D = 18 - 5P
Q^S = -3 + 2P
where Q^D is the quantity of shampoo demanded (in thousands of bottles), Q^S is the quantity supplied, and P is the price of shampoo (in dollars per bottle).
a. Calculate the equilibrium price and quantity.
b. Calculate the consumer surplus at the equilibrium price.

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Definitions:

ADHD

Attention Deficit Hyperactivity Disorder, a neurodevelopmental disorder characterized by inattention, hyperactivity, and impulsivity.

Tourette's Disorder

A neurological disorder characterized by involuntary and repetitive movements or vocalizations known as tics, typically appearing in childhood.

Tics

Tics are sudden, repetitive, nonrhythmic motor movements or vocalizations, often characterized by brief, intermittent movements or noises.

Neurodevelopmental Disorder

A group of conditions that occur due to disruptions in brain development, affecting a child's behavior, memory, or ability to learn.