2. Suppose the market demand and supply for pizza is given by the following: Qa- 300 - 20P Q,- 20P - 100 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 if suppliers set the price of pizza at $15? d. Suppose the price of hamburgers, a substitute for pizza, doubles. This leads to a double of the demand for pizza. Write the equation for the new market demand for pizza e. Find the new equilibrium price and quantity of pizza.
2. Suppose the market demand and supply for pizza is given by the following: Qa- 300 - 20P Q,- 20P - 100 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 if suppliers set the price of pizza at $15? d. Suppose the price of hamburgers, a substitute for pizza, doubles. This leads to a double of the demand for pizza. Write the equation for the new market demand for pizza e. Find the new equilibrium price and quantity of pizza.
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 10P
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A
2. Suppose the market demand and supply for pizza is given by the following:
Qa = 300 - 20P
Q, = 20P - 100
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 if suppliers set the price of pizza at $15?
d. Suppose the price of hamburgers, a substitute for pizza, doubles. This leads to a double of the
demand for pizza. Write the equation for the new market demand for pizza.
e. Find the new equilibrium price and quantity of pizza.
SRefer to Fiane 88 WhatLishatotal.venue
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