Use the graph below to answer the following questions in the space provided. You may need scratch paper. P ($) 10 9 8 7 6 5 4 3 2 1 sommar met Market for NY Pizza Slices So. 0 1 2 3 4 5 6 Bor Do 7 8 9 10 Quantity (in thousands) The graph above shows the supply and demand for NY pizza slices. 1. What is the equilibrium price and quantity? 2. If a price floor of $8.00 was placed on pizza, would this would be an effective price floor? Why or why not? 3. What is the Quantity demanded AND Quantity supplied with the price floor in place? 4. Would the price floor result in a shortage or surplus in the market? If so, how much is the shortage or surplus?

Use the graph below to answer the following questions in the space provided. You may need scratch paper. P ($) 10 9 8 7 6 5 4 3 2 1 sommar met Market for NY Pizza Slices So. 0 1 2 3 4 5 6 Bor Do 7 8 9 10 Quantity (in thousands) The graph above shows the supply and demand for NY pizza slices. 1. What is the equilibrium price and quantity? 2. If a price floor of $8.00 was placed on pizza, would this would be an effective price floor? Why or why not? 3. What is the Quantity demanded AND Quantity supplied with the price floor in place? 4. Would the price floor result in a shortage or surplus in the market? If so, how much is the shortage or surplus?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Step 1: Define demand and supply curves

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Step 2: 1. Determine the equilibrium price and quantity

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Step 3: 2. Determine the effectiveness of price floor

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Step 4: 3. Determine quantity demanded and supplied after price floor

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Step 5: 4. Determine the shortage or surplus after price floor.

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