8. The market for pizza has the following demand and supply schedules: Price $4 Quantity Demanded 135 pizzas Quantity Supplied 26 pizzas 104 53 81 81 7 68 98 53 39 110 121 a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market? b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium? c. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?

8. The market for pizza has the following demand and supply schedules: Price $4 Quantity Demanded 135 pizzas Quantity Supplied 26 pizzas 104 53 81 81 7 68 98 53 39 110 121 a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market? b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium? c. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

8. The market for pizza has the following demand and supply schedules:
Price
$4
Quantity Demanded
135 pizzas
Quantity Supplied
26 pizzas
104
53
81
81
7
68
98
53
39
110
121
a. Graph the demand and supply curves. What is the equilibrium price and quantity in
this market?
b. If the actual price in this market were above the equilibrium price, what would drive
the market toward the equilibrium?
c. If the actual price in this market were below the equilibrium price, what would drive
the market toward the equilibrium?

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