The market for pizza has the following demand and supply schedules
QUESTION
The market for pizza has the following demand and supply schedules: Price Quantity Demand Quantity Supplied $4 135 26 $5 104 53 $6 80 80 $7 68 98 $8 53 110 $9 39 121(a). What is the equilibrium price and quantity of pizzas?(b). At a price of $5, there will be a shortage or surplus? What will happen to the price?(c). At a price of $8, there will be a shortage or surplus? What will happen to the price?(d). Suppose that the supply of pizzas increased by 51 at each price. What will be the new equilibrium price and quantity of pizzas?
ANSWER:
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