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Question 1:
Based the tables below, if Heath and Cliff are the only buyers in the pizza market and Cathy is the only seller, what is the:
You must show your calculations and/or use diagram(s) to demonstrate how you arrived at your answers.
Price of pizza
Quantity of pizza demanded by
Heath
Cliff
$15
0
$14
1
$13
3
$12
5
$11
7
$10
9
$9
11
Quantity supplied by Cathy
28
24
20
16
12
8
4
$8
and Is the pizza market described in Question 1 above efficient? Explain. Is it equitable? Explain.
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