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Principles of Microeconomics | 7th Edition | ISBN: 9781285165905 | Authors: N Gregory Mankiw
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The market for pizza has the following demand and supply

Chapter , Problem 8

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QUESTION:

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?

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QUESTION:

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?

ANSWER:

Problem 8

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

         

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

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?

                                                              Step by Step Solution

Step 1 of 4

Equilibrium is a point where the demand and supply curve intersect each other.

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