Graph the demand and supply curves. what is the equilibrium, Ask an Expert

Economics

The market for pizza has the following demand and supply schedules:

Price Quantity Demanded Quantity Supplied
$4 135 pizzas 26 pizzas
5 104 53
6 81 81
7 68 98
8 53 110
9 39 121

a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market?

b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?

c. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M972362

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Use the cost-benefit framework along with the relevant

Use the cost-benefit framework along with the relevant concepts (e.g. benefits, costs, net-benefit, opportunity cost) to explain following questions 1. Why would someone who makes a high salary and who enjoys their job g ...

Question recycling is a relatively inexpensive solution to

Question: Recycling is a relatively inexpensive solution to much of the environmental contamination from plastics, glass, and other waste materials. Is it a sound policy to make it mandatory for everybody to recycle? The ...

Question johns project has a five year term a first cost no

Question: John's project has a five year term, a first cost, no salvage value, and annual savings of $20000. After doing present worth and annual worth calculations with a 17% interest rate, John noticed that the calcula ...

Question discuss the advantages and disadvantages of

Question: Discuss the advantages and disadvantages of maintaining multiple manufacturing sites as a hedge against exchange rate exposure. The response must be typed, single spaced, must be in times new roman font (size 1 ...

Question how do real-world compaines price their products

Question: How do real-world compaines price their products? Please include examples of strategies from a microeconomics perspective. The response must be typed, single spaced, must be in times new roman font (size 12) an ...

Question you are an economist for the vanda-laye

Question: You are an economist for the Vanda-Laye Corporation, which produces and distributes outdoor cooking supplies. The company has come under new ownership and management and will be undergoing changes in its produc ...

Quesiton mobile social networking is the next frontier in

Quesiton: Mobile social networking is the next frontier in technology as companies race to adapt platforms like Facebook to our cell phones. 1. What do you see as the opportunities and the threats as we inevitably move t ...

Question debeers the dominant firm in diamond mining and

Question: DeBeers, the dominant firm in diamond mining and wholesale marketing, has until recently been unintegrated into any downstream activities. In the past few years, however, it has opened a handful of its own reta ...

Question from the early 1950s through 1973 the japanese

Question: From the early 1950s through 1973, the Japanese economy grew at an average annual rate of almost 10%. It then slowed down to 5% per year from 1973 through 1991, and 1% per year from 1992 through 1998. (A) What ...

Question new us tax legislation could include a tax credit

Question: New U.S. tax legislation could include a tax credit for the use of alternative energy sources that significantly reduces the cost of using alternative fuels. Explain, in economic terms, how this may impact the ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert