Best friends Scott Baio and Willie Aames decide to open up a movie poster shop in downtown
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Question:
Best friends Scott Baio and Willie Aames decide to open up a movie poster shop in downtown Los Angeles. The following relationships describe the supply and demand for movie posters: Qd = 65,000 - 10,000P Qs = -35,000 + 15,000P Where Q is the quantity and P is the price of a movie poster in dollars. (a) Complete the following table (4 points): Price Qs Qd Qs - Qd Surplus/Shortage $6.00 $5.50 $4.50 $4.00 $3.50 $3.00 $2.50 (b) What is the equilibrium price? (1 point)
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