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Homework answers / question archive / Best friends Scott Baio and Willie Aames decide to open up a movie poster shop in downtown Los Angeles

Best friends Scott Baio and Willie Aames decide to open up a movie poster shop in downtown Los Angeles

Economics

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 (with excel formula explained) (b) What is the equilibrium price?

Price Qs Qd Qs-Qd Surplus/Shortage
$6.00        
$5.50        
$5.00        
$4.50        
$4.00        
$2.00        
$2.50        

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