Answer to Question #170614 in Microeconomics for Tayyaba

Question #170614

The market for pizza has the following demand and supply schedules: 

Price

Quantity Demanded

Quantity Supplied


4

135

26


5

104

53


6

81

81


7

68

98


8

53

110


9

39

121



 Graph the demand and supply curves. What is the equilibrium price and quantity in this market?


1
Expert's answer
2021-03-12T07:26:51-0500

Let' s plot the demand and supply curves:



As we can see from the graph, the equilibrium price is $6 and the equilibrium quantity is 81 pizzas.


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