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Suppose that the demand of pizzas is given by and the supply by . a)On the same graph, draw the supply and the demand, and
Suppose that the demand of pizzas is given by and the supply by .
a)On the same graph, draw the supply and the demand, and identify the market equilibrium.
b)Find the market equilibrium.
c)Now suppose that the demand of pizzas becomes after consumers' income increases. Find the new market equilibrium.
d)Define what a normal good is and determine if pizza is a normal good.
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