Suppose the market demand for pizza is given by Qa300 20P and the market supply for pizza is given by Q₁ 20P 100, where

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Suppose The Market Demand For Pizza Is Given By Qa300 20p And The Market Supply For Pizza Is Given By Q 20p 100 Where 1 (42.54 KiB) Viewed 38 times

Suppose the market demand for pizza is given by Qa300 20P and the market supply for pizza is given by Q₁ 20P 100, where P = price (per pizza). a. Graph the supply and demand schedules for pizza using $5 through $15 as the value of P. b. In equilibrium, how many pizzas would be sold and at price? what c. What would happen if suppliers set the price of pizza at $150 Explain the market adjustment process. d. 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. e. Find the new equilibrium price and quantity of pizza.