Q.1. The market for pizza has the following demand and supply schedules: PRICE( in S) QUANTITY DEMANDED QUANTITY SUPPLIED 135 104 6749st 5 8 81 68 53 39 26 53 81 98 110 121 a. Graph the demand and supply curves b. 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 back toward the equilibrium?

Q.1. The market for pizza has the following demand and supply schedules: PRICE( in S) QUANTITY DEMANDED QUANTITY SUPPLIED 135 104 6749st 5 8 81 68 53 39 26 53 81 98 110 121 a. Graph the demand and supply curves b. 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 back 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

Q.1. The market for pizza has the following demand and supply schedules:
PRICE(in S) QUANTITY DEMANDED
QUANTITY SUPPLIED
135
104
456789
81
68
53
39
26
53
81
98
110.
121
a.
Graph the demand and supply curves
b. 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 back toward the equilibrium?

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