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The market for pizza has the following demand and supply schedules: Price Quantity Demanded Quantity Supplied $ 4 135 pizzas 26 pizzas 5 104 53
- 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 |
7 | 68 | 98 |
8 | 53 | 110 |
9 | 39 | 121 |
- Graph the demand and supply curves. What are the equilibrium price and quantity in this market?
- Say, the number of buyers increased that caused the movement of quantity demanded. 135 pizzas became 140, 104 to 110, 81 to 86, 68 to 75, 53 to 60, and 39 to 46. What are the new equilibrium price and quantity?
- Pizza producers are forced to increase the quantity supplied due to the influx of buyers. The new technology helped them to make 32 pizzas from the original quantity of 26. Likewise, there are 10 additional pizzas for the quantities of 53, 81, 98, 110, and 121. What are the new equilibrium price and quantity?
- What are the equilibrium price and quantity if simultaneously the non-price factors of demand andsupply intervened?
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