You are given market data for the pizza market that says when the demand function for pizza is defined as Qd = 140 - 15P and the supply function is Qs = 40 + 5P.

1. Calculate the equilibrium condition existing within this market and illustrate the curves.

1. Consider an additional pizza vendor enters into the market with a supply function Qs2= 10 + 5P, identify the new market supply function and illustrate the new market equilibrium condition for pizzas.

1. Consider the government imposes a price ceiling within this pizza market of $2.50, identify and illustrate the condition existing in the market and discuss the effectiveness of this price regulation.

1. Market vendors observed that with a change in the price of pizza to the new price ceiling, total revenues have been affected, calculate the Price elasticity of demand for pizza and identify the impact on total revenues for pizza vendors.