The following equations describe the weekly supply and demand of pizza in Ann Arbor.

Q_d= 5000 - 200*PQ_s= -1000 + 400*P

1. Graph the market for pizza, and solve for the equilibrium price and quantity.Show your work!
2. Widespread panic hits the Ann Arbor pizza market when it becomes known that no pizza maker in the market uses locally grown ingredients. There are two responses to this crisis event.
3. Consumption plummets, so that 2,400 fewer pizzas are demanded at any given price

ii.In response to the panic, pizza makers start using local ingredients, which raises their costs by $2.50 per pizza.Producers forget, however, to advertise this change, so demand remains low (as in b.i).Find the new equilibrium price and quantity, and graph the "old" (as in part a) and "new" (as in part b) curves and equilibria in the same graph.