Question
The quantity of pizza demanded in Oneonta, QD, depends on the price of pizza, Pp, and the price of a dozen wings, PW. The quantity
The quantity of pizza demanded in Oneonta, QD, depends on the price of pizza, Pp, and the price of a dozen wings, PW. The quantity of pizza supplied in Oneonta, QS, depends on the price of pizza, Pp, and the number of pizza restaurants in Oneonta, R, according to the following equation:
QD=37-4Pp+9Pw
QS=1+2Pp+3R
a. Identify the following variables as either endogenous (N) or exogenous (X):
____________ -Qd
b. _____________ - Pp
c. ______________ - R
d. ______________ -Pw
e. ______________- Qs
f. Suppose the price of wings is $10 a dozen. Write the equation for quantity demanded for pizza in terms of the price of pizza _______________
g. Suppose the number of restaurants in Oneonta= 6. Write the equation for quantity supplied of pizza in terms of the price of pizza ______________
h. Suppose the price of wings is $10, and the number of restaurants in Oneonta is 6, what is the equilibrium price of pizzas in Oneonta? ___________
I. Suppose the price of wings is $10, and the number of restaurants in Oneonta is 6, what is the equilibrium quantity of pizzas in Oneonta? __________
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