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Q. While sitting in your office one evening, you begin to think about some of key microeconomic messages you want to communicate to Board. (Key concepts include but are not limited to, supply and demand, pricing, competition, costs & production and economic value added.) Pick two key concepts and discuss what

Q. Problem #1

If market demand and supply functions for pizza in Newtown were

QD = 12,000 - 1,000P

QS = -4,000 + 1,000P

Find equilibrium quantity and price.

Starting with demand and supplies functions from problem #1, Determine algebraically new equilibrium price and quantity if

(a) demand function changes from QD=12,000-1,000P to QD"= 8,000- 1,000, or

(b) market supply function changes from QS= -4,000 + 1,000P to QS** = 1,000P.

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Business Economics, Economics

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