Homework Help is Here – Start Your Trial Now!
Business
Economics
The demand and supply for a whole pizza in Mr Hot's Market are given by the equations, Qd = 6,300 – 530P and Qs = 1,200 + 150P. a. If there exists a surplus of 150 units of whole pizza at what price does this market condition occur? b. What is the price and quantity equilibrium in Mr. Hot's pizza market? c. Suppose that because today is the customers' receiving of salary day, the new demand changed to the equation Qdnew = 6,950 – 530P. What is the new price and quantity equilibrium?

The demand and supply for a whole pizza in Mr Hot's Market are given by the equations, Qd = 6,300 – 530P and Qs = 1,200 + 150P. a. If there exists a surplus of 150 units of whole pizza at what price does this market condition occur? b. What is the price and quantity equilibrium in Mr. Hot's pizza market? c. Suppose that because today is the customers' receiving of salary day, the new demand changed to the equation Qdnew = 6,950 – 530P. What is the new price and quantity equilibrium?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
provide analysis & computation
The demand and supply for a whole pizza in Mr Hot's Market are given by the equations, Qd = 6,300 – 530P and Qs 1,200 + 150P. a. If there exists a surplus of 150 units of whole pizza at what price does this market condition occur? b. What is the price and quantity equilibrium in Mr. Hot's pizza market? c. Suppose that because today is the customers' receiving of salary day, the new demand changed to the equation Qdnew = 6,950 – 530P. What is the new price and quantity equilibrium? d. In reference to problem c, at what price that the shortage of 100 units of whole pizza can occur?
Transcribed Image Text:The demand and supply for a whole pizza in Mr Hot's Market are given by the equations, Qd = 6,300 – 530P and Qs 1,200 + 150P. a. If there exists a surplus of 150 units of whole pizza at what price does this market condition occur? b. What is the price and quantity equilibrium in Mr. Hot's pizza market? c. Suppose that because today is the customers' receiving of salary day, the new demand changed to the equation Qdnew = 6,950 – 530P. What is the new price and quantity equilibrium? d. In reference to problem c, at what price that the shortage of 100 units of whole pizza can occur?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS