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Suppose the market demand for pizza is given by Qd=300-20P and the market supply for pizza is given by Qs=20P - 100, where P =

Suppose the market demand for pizza is given by Qd=300-20P and the market supply for pizza is given by Qs=20P - 100, where P = price per pizza.

a) Graph the supply and demand schedules using RM5 through RM15 as the value of P.

b) In equilibrium, how many pizzas would be sold and what price?

c) What would happen if suppliers set the price of Pizza at RM15? Explain the market adjustment process.

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