Problem and Application 2.1 The market for pizza has the following demand and supply schedules: Price Quantity Demanded Quantity Supplied $4 135 pizzas 26 pizzas 104 53 81 81 68 98 53 110 39 121 a. Graph the demand and supply curves. What are the equilibrium price and quantities 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 equilibrium?

Problem and Application 2.1 The market for pizza has the following demand and supply schedules: Price Quantity Demanded Quantity Supplied $4 135 pizzas 26 pizzas 104 53 81 81 68 98 53 110 39 121 a. Graph the demand and supply curves. What are the equilibrium price and quantities 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 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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1. Explain what is happening in the following market below. Indicate the impact if any on demand, supply, price and quantity.
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