a. Graph the supply and demand schedules for pizza using $5 through $15 as the value of P. b. In equilibrium, how many pizzas would be sold and at what price? c. What would happen if suppliers set the price of pizza at $15?

a. Graph the supply and demand schedules for pizza using $5 through $15 as the value of P. b. In equilibrium, how many pizzas would be sold and at what price? c. What would happen if suppliers set the price of pizza at $15?

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

How would I do this?

2. Suppose the market demand and supply for pizza is given by the following:
Qa = 300 – 20P
Qs = 20P – 100
a. Graph the supply and demand schedules for pizza using $5 through $15 as the value of P.
b. In equilibrium, how many pizzas would be sold and at what price?
C.
What would happen if suppliers set the price of pizza at $15?
d. Suppose the price of hamburgers, a substitute for pizza, doubles. This leads to a double of the
demand for pizza. Write the equation for the new market demand for pizza.
e. Find the new equilibrium price and quantity of pizza.
2) If a firm is producing where MR > MC
NOV
2
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