Question: Please help Question 1. 7 points. Suppose the demand for haircuts in the Edgewater neighborhood is perfectly inelastic. Haircuts are supplied by perfectly competi- tive

Please help

Question 1. 7 points. Suppose the demand for haircuts in the Edgewater neighborhood is perfectly inelastic. Haircuts are supplied by perfectly competi- tive firms, and the industry marginal cost function is given by MC = 30 + 3Q, where MC is measured in dollars per haircut, and @ is measured in thousands of haircuts per month. Suppose there is an increase in the cost of scissors, which causes the marginal cost curve to change to MC - 35 +3Q. By how much will the price of a haircut change in Edgewater? Explain your answer with a graph and a few sentences

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