Answer the following

Demand and Supply Basics Demand Curve: A point on the demand curve represents the maximum ($$) a consumeds) is willing and able to pay for a good or service. Negatively sloped (Law of Demand) line. Vertical intercept shows the price that (theoretically) induces zero quantity demanded for the product. Horizontal intercept shows the quantity demanded when price equals zero. If price of the product in question (\"own price\") changes, move along the demand curve. If there is a change in another variable that impacts demand, sht the entire curve (left or right). Equation: *List the factors that shift the demand curve: Supply Curve: A point on the supply curve reveals the minimum price a seller(s) is willing and able to accept for a good or service to supply (offer) a given quantity. Positively sloped line (reecting the prot motive and frequent increased unit costs at higher production levels). Vertical intercept indicates there are xed costs (e.g., rent each month) that a company must pay before producing any amount of goods. If price of the product on the market changes, move along the supply curve. If there is a change in another variable that impacts supply, we will shi' the entire supply curve (left or tight). Equation: Equilibrium; Qs=Qd. When the quantity supplied for the product equals the quantity demanded, we have an \"equilibrium,\" or resting point for the market. This yields the market price, P\" (this is the price that you see at the store), and the market quantity exchanged, 0* (how many bananas are bought at that particular price). Below, depict the (1) market equilibrium (with demand and supply on a single graph) for 3 Papa John's medium pizza. Now, (2) depict any changes that come about when the price of tomato sauce decreases. Label your new equilibrium, P], 01