Question no.2: The following table gives the daily supply and demand for Pizza at a sporting event: Price, Quantity demanded Quantity supplied 4.0 800 7,200 3.5 1,600 4,800 3.0 2,400 2,400 2.5 3,200 800 2.0 4,100 200 a. What is the equilibrium price and quantity of Pizza? Explain with graph. b. If the organizers of the sporting event decide to set the price at 2.5, how much Pizza will be sold? C. Suppose the demand of the Pizza increases and the consumers are demanding 800 more Pizza at cach price. How this change will influence equilibrium price and equilibrium quantity?

Question no.2: The following table gives the daily supply and demand for Pizza at a sporting event: Price, Quantity demanded Quantity supplied 4.0 800 7,200 3.5 1,600 4,800 3.0 2,400 2,400 2.5 3,200 800 2.0 4,100 200 a. What is the equilibrium price and quantity of Pizza? Explain with graph. b. If the organizers of the sporting event decide to set the price at 2.5, how much Pizza will be sold? C. Suppose the demand of the Pizza increases and the consumers are demanding 800 more Pizza at cach price. How this change will influence equilibrium price and equilibrium quantity?

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 4TY: The following table summarizes information about the market for principles of economics textbooks:...

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