Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units. What is the value of consumer surplus?$300 thousand

COMPLETE QUESTION:

Demand Supply

P = 50 - QD P = 10 + 1/3 QS

QD = 50 - P QS = 3P - 30

Refer to Table 4-6.ȱȱ

The equations above describe the demand and supply for Aunt Maudȇs

Premium Hand Lotion.ȱȱ

The equilibrium price and quantity for Aunt Maudȇs lotion are $20 and

30 thousand units.ȱȱ

What is the value of consumer surplus?

$450,000

Explanation:

P = 50 - QD P = 10 + 1/3 QS

QD = 50 - P QS = 3P - 30

Using the above equation,

Consumer surplus = $450,000

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