Q3 The relations describing demand and supply for a hairdresser's service can be showed as the following equations: QD=540-16P Qs =-300+12P Where Q is the number of customers that need hair services and P is the service fee, in dollars. a. At what average fee would demand equal zero? b. At what average fee would supply equal zero? ( c. What is the equilibrium price and output level? d. Suppose demand increases and leads to a new demand curve:

Q3 The relations describing demand and supply for a hairdresser's service can be showed as the following equations: QD=540-16P Qs =-300+12P Where Q is the number of customers that need hair services and P is the service fee, in dollars. a. At what average fee would demand equal zero? b. At what average fee would supply equal zero? ( c. What is the equilibrium price and output level? d. Suppose demand increases and leads to a new demand curve:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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