Suppose the Demand and Supply Curves for Shampoo Are Given

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.