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The Following Equations Represent the Demand and Supply for Bottles

question 224

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The following equations represent the demand and supply for bottles of nail polish. QD = 25 - P
QS = -15 + 3P
What is the equilibrium price (P) and quantity (Q - in thousands) of bottles of nail polish?


Definitions:

Positive Punishment

A behavioral strategy that involves the addition of an unfavorable outcome in response to an undesired behavior.

Discipline

The practice of training people to obey rules or a code of behavior, using punishment to correct disobedience.

Added

Refers to something that has been included or joined to another thing, increasing the total number, quantity, or extent.

Observational Learning

The process of learning behaviors by watching and imitating others.

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