Refer to the table below to answer the questions. Quantity Demanded Quantity Supplied Price per Pizza (Pizzas per Month) 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?
Refer to the table below to answer the questions. Quantity Demanded Quantity Supplied Price per Pizza (Pizzas per Month) 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?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Refer to the table below to answer the questions.
Quantity Demanded Quantity Supplied
Price per Pizza (Pizzas per Month) 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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