Table 4-13

-Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. What are the equilibrium price and quantity (in thousands) for Aunt Maud's Lotion?

Question

Table 4-13
 
-Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. What are the equilibrium price and quantity (in thousands) for Aunt Maud's Lotion?

Quizplus · Accepted Answer

The equilibrium price and quantity are found at the intersection of the demand and supply curves. In this case, the equilibrium price is $20 and the equilibrium quantity is 30 thousand.

Table 4-13 -Refer to Table 4-13. the Equations Above Describe the Demand