Question no.2: The following table gives the daily supply and demand for Pizza at a sporting event: Price, Quantity demanded Quantity supplied 4.0 800 7,200 3.5 1,600 4,800 3.0 2,400 2,400 2.5 3,200 800 2.0 4,100 200 a. What is the equilibrium price and quantity of Pizza? Explain with graph. b. If the organizers of the sporting event decide to set the price at 2.5, how much Pizza will be sold? C. Suppose the demand of the Pizza increases and the consumers are demanding 800 more Pizza at cach price. How this change will influence equilibrium price and equilibrium quantity?
Question no.2: The following table gives the daily supply and demand for Pizza at a sporting event: Price, Quantity demanded Quantity supplied 4.0 800 7,200 3.5 1,600 4,800 3.0 2,400 2,400 2.5 3,200 800 2.0 4,100 200 a. What is the equilibrium price and quantity of Pizza? Explain with graph. b. If the organizers of the sporting event decide to set the price at 2.5, how much Pizza will be sold? C. Suppose the demand of the Pizza increases and the consumers are demanding 800 more Pizza at cach price. How this change will influence equilibrium price and equilibrium quantity?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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