help in homework

New User?

Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / 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)

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)

Economics

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?

pur-new-sol

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE

Answer Preview

The market for pizza has the following demand and supply schedules: Price Quantity Demand Quantity Supplied supply of pizzas increased by 51 at each price $4 135 26 77 5 104 53 104 6 80 80 131 7 68 98 149 8 53 110 162 9 39 121 172 a) In a competitive market, price and output are determined at the equilibrium, which is the point where supply equals demand. At this point, there is a price such that the quantity supplied equals the quantity demanded. From the above table, we observe that the equilibrium price is $6 and equilibrium quantity is 80 pizzas. b) At a price of $5, there will be a shortage as the quantity demand exceeds the quantity supplied

Sitejabber (5.0)

BBC (5.0)

Trustpilot (4.9)

Google (5.0)