Using the demand function, Q = 8.56 p 0.3ps+ 0.1Y, and the supply function, Q=9.60+0.5p0.2pc, determine the amount of any excess demand or excess supply at a price of $6 and explain the mechanism that would cause the equilibrium price to be reached. Let Y = $55 (thousand), ps= $0.2, and pc= $5.

Given these prices, the quantity demanded is Q = ___ units.(Enter your response rounded to one decimal place)

Given these prices, the quantity supplied is Q = ____ units.(Enter your response rounded to one decimal place.)

Therefore, at a price of $6, there will be an excess (supply or demand) ____ of ____ units (Enter your numerical response rounded to one decimal place)

As a result,

1. consumers unable to buy units will offer higher prices.
2. firms unable to sell their units will raise their price.
3. firms unable to sell their units will lower their price.
4. consumers with greater supply will pay higher prices.