Iln Smalltown, Pennsylvania the demand function for men's haircuts is given by Qd = 500 – 30p + 0.08Y, where Qd is quantity demanded per month, p the price of a haircut and Y the average monthly income in the town. The supply function for men's haircuts is Qs = 100 + 20p – 20w, where Qs is the quantity supplied and w the average hourly wage of barbers. Assume that Y increases to $6,500 and w increases to $12. Use Excel recalculate Qd, Qs, and Excess Demand and answer the following questions. | when P=$10. 2. Find Qs = when P=$20. 3. Find Excess Demand = when P=$10. 4. The equilibrium price (or 1. Find Qd = %3D rounding to the nearest whole number) is $ and the equilibrium quantity is --- units.
Iln Smalltown, Pennsylvania the demand function for men's haircuts is given by Qd = 500 – 30p + 0.08Y, where Qd is quantity demanded per month, p the price of a haircut and Y the average monthly income in the town. The supply function for men's haircuts is Qs = 100 + 20p – 20w, where Qs is the quantity supplied and w the average hourly wage of barbers. Assume that Y increases to $6,500 and w increases to $12. Use Excel recalculate Qd, Qs, and Excess Demand and answer the following questions. | when P=$10. 2. Find Qs = when P=$20. 3. Find Excess Demand = when P=$10. 4. The equilibrium price (or 1. Find Qd = %3D rounding to the nearest whole number) is $ and the equilibrium quantity is --- units.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Iln Smalltown, Pennsylvania the demand function for
men's haircuts is given by Qd = 500 – 30p + 0.08Y,
where Qd is quantity demanded per month, p the price
of a haircut and Y the average monthly income in the
town. The supply function for men's haircuts is Qs = 100
+ 20p – 20w, where Qs is the quantity supplied and w
the average hourly wage of barbers. Assume that Y
increases to $6,500 and w increases to $12. Use Excel
recalculate Qd, Qs, and Excess Demand and answer the
following questions.
when P=$10. 2. Find Qs =
when P=$20. 3. Find Excess Demand =
when P=$10. 4. The equilibrium price (or
rounding to the nearest whole number) is $ _.
units.
1. Find Qd
and the equilibrium quantity is](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F344cbb3c-a3d8-4176-ae6f-5b0109879b18%2Fcdc0ad21-b4bc-42b1-91d4-26a208c0b0a2%2Fnmiv0t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Iln Smalltown, Pennsylvania the demand function for
men's haircuts is given by Qd = 500 – 30p + 0.08Y,
where Qd is quantity demanded per month, p the price
of a haircut and Y the average monthly income in the
town. The supply function for men's haircuts is Qs = 100
+ 20p – 20w, where Qs is the quantity supplied and w
the average hourly wage of barbers. Assume that Y
increases to $6,500 and w increases to $12. Use Excel
recalculate Qd, Qs, and Excess Demand and answer the
following questions.
when P=$10. 2. Find Qs =
when P=$20. 3. Find Excess Demand =
when P=$10. 4. The equilibrium price (or
rounding to the nearest whole number) is $ _.
units.
1. Find Qd
and the equilibrium quantity is
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