You are advising Roy on the opening of his Original-Original Famous Pizzeria. By plotting the points below on a coordinate plane, you can show Roy the price points that would lead to a shortage of slices, a surplus of slices, and the point of maximum efficiency per slice. On the graph paper below:label your vertical axis with prices and your horizontal axis with quantity,plot each point of the demand and draw the curve with one color.plot each point of supply and draw the curve with a different color, identify the equilibrium point on your graph PriceperSliceNumber of Roy's Famous slicespeople will to buy at this priceDEMAND AND SUPPLY FOR A SLICE OF ROY'S FAMOUS PIZZA(in thousands)Number of slices Roy cansupply at this price perslice (in thousands)Shortage (-)or Surplus (+)A$3.5080200B$3.25100180C$3.00120160D$2.75140140E$2.50160120F$2.25180100G$2.00200605. Explain what condition would exist in the market if the price of a pizza slice was above theequilibrium, and what condition would exist in the market if the price of pizza slice was below theequilibrium.

Demand in the market represents the consumers' willingness to pay for the goods and services in the…

Answered: Price per Slice DEMAND AND SUPPLY FOR A…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

You are advising Roy on the opening of his Original-Original Famous Pizzeria. By plotting the points below on a coordinate plane, you can show Roy the price points that would lead to a shortage of slices, a surplus of slices, and the point of maximum efficiency per slice. On the graph paper below:

label your vertical axis with prices and your horizontal axis with quantity,
plot each point of the demand and draw the curve with one color.
plot each point of supply and draw the curve with a different color,
identify the equilibrium point on your graph

Price
per
Slice
Number of Roy's Famous slices
people will to buy at this price
DEMAND AND SUPPLY FOR A SLICE OF ROY'S FAMOUS PIZZA
(in thousands)
Number of slices Roy can
supply at this price per
slice (in thousands)
Shortage (-)
or Surplus (+)
A
$3.50
80
200
B
$3.25
100
180
C
$3.00
120
160
D
$2.75
140
140
E
$2.50
160
120
F
$2.25
180
100
G
$2.00
200
60
5. Explain what condition would exist in the market if the price of a pizza slice was above the
equilibrium, and what condition would exist in the market if the price of pizza slice was below the
equilibrium.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions