Quantity Demanded Quantity Supplied (Pizzas per Month) Price per Pizza (Pizzas per Month) RM3 1,200 600 6. 1,000 700 9 800 800 12 600 900 15 400 1,000 2.1) If the price per pizza is RM12, what happen to the price and why? 2.2) If the price per pizza is RM15, what happen to the market? 2.3) If the price per pizza is RM6, what happen to the market? 2.4) In this market there will be an excess demand of 300 pizzas at a price of 2.5) In this market there will be an excess supply of 300 pizzas at a price of 2.6) If the price per pizza is RM3, what happen to the price and why?

Quantity Demanded Quantity Supplied (Pizzas per Month) Price per Pizza (Pizzas per Month) RM3 1,200 600 6. 1,000 700 9 800 800 12 600 900 15 400 1,000 2.1) If the price per pizza is RM12, what happen to the price and why? 2.2) If the price per pizza is RM15, what happen to the market? 2.3) If the price per pizza is RM6, what happen to the market? 2.4) In this market there will be an excess demand of 300 pizzas at a price of 2.5) In this market there will be an excess supply of 300 pizzas at a price of 2.6) If the price per pizza is RM3, what happen to the price and why?

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 4MC

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

Quantity Demanded Quantity Supplied
(Pizzas per Month)
Price
per
Pizza (Pizzas per Month)
RM3
1,200
600
6.
1,000
700
9
800
800
12
600
900
15
400
1,000
2.1) If the price per pizza is RM12, what happen to the price and
why?
2.2) If the price per pizza is RM15, what happen to the market?
2.3) If the price per pizza is RM6, what happen to the market?
2.4) In this market there will be an excess demand of 300 pizzas
at a price of
2.5) In this market there will be an excess supply of 300 pizzas at
a price of
2.6) If the price per pizza is RM3, what happen to the price and
why?

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