Problem
The producer of a cosmetic product needs to decide the optimal price to charge and the optimal quantity to supply in the market. The demand function of the cosmetic product is given as QD = 40 - 2P, while the supply function of the cosmetic product is given as QS = 2P where P is price, QD is quantity demanded, and QS is quantity supplied.
Task: Solve the following: The demand function is given as QD = 40 - 2P The supply function is given as QS = 2P. Calculate the equilibrium price and quantity.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.