Actual price in this market

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Reference no: EM137841

Q. The market for pizza has the following demand and supply schedules: Supplied of Price Quantity and Demanded Quantity

$4 135 pizzas 26 pizzas
5 104 53
6 81 81
7 68 98
8 53 110
9 39 121

a. Graph the demand and supply curves. Elucidate what is the equilibrium cost as well as quantity in this market?

b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?

c. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?

Reference no: EM137841

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