Consider the market for pizza suppose that the market, Ask an Expert

Economics

Consider the market for pizza. Suppose that the market demand for pizza is given by the equation Qd=300-20P and the market supply for pizza is given by the equation Qs= 20P-100, where Qd= quantity demanded, Qs= quantity supplied, P=price (per pizza)

A: Graph the supply and demand schedules for pizza using $5 through $15 as the value of P.

B:In equilibrium how many pizzas would be sold and at what price?

C: What would happen is suppliers set the price at $15? Explain the market adjustment process.

D: Suppose that the price of hamburgers, a substitute for pizza, doubles. Assume that this leads to a doubling of the demand for pizza (that is at each price consumers demand twice as much pizza as before). Write the equation for the new market demand for pizza.

E: Find the new equilibrium price and quantity of pizza.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92002172

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