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:

Personality Trait

A stable characteristic that describes a long-term pattern in an individual's thoughts, feelings, and behaviors.

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A perspective in psychology that focuses on the identification and measurement of specific characteristics that vary between individuals.

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