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?
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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