Identify the market equilibrium

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Suppose that the demand of pizza is given by QD= 100-2P and the supply by Qs= -25+3P. on the same graph, draw the supply and the demand, and identify the market equilibrium. Find the market equilibrium. Now suppose that the demand of pizza becomes QD=140-4P after consumers income increases. Define what a normal good is and determine if pizza is a normal good.

Reference no: EM133080482

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