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Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
ISBN: 9781305971509

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Chapter
Section
BuyFindarrow_forward

Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
ISBN: 9781305971509
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
  • a. Graph the demand and supply curves. What are 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?
  • d.
  • e.

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...

Subpart (b):

To determine
Demand and supply and its equilibrium.

Subpart (c):

To determine
Demand and supply and its equilibrium.

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