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Markets for haircuts in the city of New York during World War 2. Before the war, there were many barbers in the city, and haircuts
Markets for haircuts in the city of New York during World War 2. Before the war, there were many barbers in the city, and haircuts were considered a normal good. A man could get his hair trimmed for $0.50 and about 3000 men per day cut their hair at a barber's shop. But when the US entered the war, many men, including barbers, were drafted and sent to contribute with the war effort in various ways. Use a supply and demand analysis to predict what happened to equilibrium price and quantity of haircuts in the city of New York.
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