In both the United States and France, the demand for haircuts is given by QD=300β10P . However, in the United States, the supply is given by QS=β300+20P , while in France, the supply is given by QS=β33.33+6.67P .
Required:
a. What are the equilibrium prices and quantities of haircuts in the two countries?
b. What are the new equilibrium prices and quantities of haircuts in the two countries?
Answers: 2
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