Juice? For 8 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 DO YEN 7 68 98 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 Because bagels and cream cheese are often eaten together, they are complements. a. We observe that both the equilibrium price of cream cheese and the equilibrium quantity of bagels have risen. What could be responsible for this pattern: a fall in the price of flour or a fall in the price of milk? Illustrate and explain your Wet. - pose instead that the equilibrium price of '75 ' _-\\_(:Cheese has risen but the equilibrium " \"of bagels has fallen. What could be ! .u'Lior this pattern; a rise inthe price of " in the price of milk? Illustrate and _ er. Suppose that the price of basketball tickets at your c. Your college plans to increase total enrollment college is determined by market forces. Currently, the next year by 5,000 students. The additional demand and supply schedules are as follows: students will have the following demand Price Quantity Demanded schedule: Quantity Supplied $4 10,000 tickets Price 8,000 tickets Quantity Demanded 8 8,000 8,000 $4 4,000 tickets 12 6,000 8,000 8 3,000 16 4,000 8,000 12 2,000 20 2,000 8,000 16 1,000 20 a. Draw the demand and supply curves. What is unusual about this supply curve? Why might this Now add the old demand schedule and the demand be true? schedule for the new students to calculate the new b. What are the equilibrium price and quantity of demand schedule for the entire college. What will tickets? be the new equilibrium price and quantity