Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 18 Jan 2018 My Price 7.00

demand schedules for pizza

  1. Suppose the market demand for pizza is given by

  2. Qd=300–20PandthemarketsupplyforpizzaisgivenbyQs=20P–100,whereP=

    price(per pizza).

    1. Graph the supply and demand schedules for pizza using $5 through $15 as the

      value of P.

    2. In equilibrium, how many pizzas would be sold and at what price?

Price (per dozen)

Quantity Demanded (Qd)

Quantity Supplied (Qs)

$ 0.50

    

$ 1.00

    

$ 1.50

    

$ 2.00

    

$ 2.50

    

c. What would happen if suppliers set the price of pizza at $15? Explain the market adjustment process.

  1. Suppose the price of hamburgers, a substitute for pizza, doubles. This leads to a doubling of the demand for pizza. (At each price, consumers demand twice as much pizza as before.) Write the equation for the new market demand for pizza.

  2. Find the new equilibrium price and quantity of pizza.

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Jan 2018 06:01 PM My Price 7.00

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