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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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Chapter
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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

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
  1. a. Graph the demand and supply curves. What are the equilibrium price and quantity in this market?
  2. b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?
  3. c. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?

Subpart (a):

To determine

Demand and supply and its equilibrium.

Explanation

Figure 1 illustrates the equilibrium condition in the economy.

Figure 1 illustrates the market for pizzas. The vertical axis represents the price of pizzas and the horizontal axis represents the quantity of Pizza demanded and supplied...

Subpart (b):

To determine

Demand and supply and its equilibrium.

Subpart (c):

To determine

Demand and supply and its equilibrium.

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