The demand for pizza is given by Qd" = 85 − 0.4P where Qd " is the quantity demanded in slices and P is the price per slice. The supply of pizza is given by QS+ = 55 + 0.6P.   Calculate the equilibrium price and equilibrium quantity of pizza .   Calculate the demand and supply for pizza if the market price is $15 per slice. What problem exists in the economy? What would you expect to happen to price?

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.