Question: Using the demand function Q = 8.56 -p-0.3p, +0.1Y, and the supply function, Q =9.60 + 0.5p -0.2Pc determine the amount of any excess demand

Using the demand function Q = 8.56 -p-0.3p, +0.1Y, and the supply function, Q =9.60 + 0.5p -0.2Pc determine the amount of any excess demand or excess supply at a price of $4 and explain the mechanis that would cause the equilibrium price to be reached. Let Y = $55 (thousand), p, = $0.2, and p. = $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 $4, there will be an excess of units. (Enter your numerical response rounded to one decimal place.) As a result, O A. consumers unable to buy units will offer higher prices. O B. consumers with greater supply will pay higher prices O C. firms unable to sell their units will raise their price O D. firms unable to sell their units will lower their price
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