Problem 1: Assume the demand for pizza {denoted E) in Sacramento, CA is: \"-so 2 +1 +ir 02 P2 2P3 l Where Q? is nquantitj.r demanded of pizzas (Z) in thousands of pizzas per month, 332 is the price of pin, pH is the price of burgers, and Y is median household income in thousands of dollars per month. A. [fthe price of burgers increases by 5L does demand for pizzas increase or decrease? Does this shift the demand curve or cause a movement along the demand curve? [2 pts) B. What is the demand function ipr = $3 and Y = Hit]? [2 pts) Assume the supplf.r {from area restaurants] for pizza in Sacramento, CA is: Q; = 10 + 319: Where {2% is quantity supplied of pizzas {E} in thousands of pizzas per month and p; is the price of pizza. C. Graph the demand function from Part (B) and the supply function above. Label everything. (2 pts) D. What is the equilibrium quantity and price of pizza in Sacramento? (2 pts) A new restaurant (denoted N) that serves pizza recently opened in Sacramento. The supply function for this new restaurant is: Q4" = 2 + Pz E. What is the aggregate supply function, Q2", for pizza in Sacramento? (3 pts) F. Add the aggregate supply function to the graph in part (C). Be sure to label everything on the graph. (2 pts) G. What is the new equilibrium quantity and price of pizza in Sacramento? (3 pts)H. Using the demand function from part (B) and the aggregate supply function you found in part (E), if the price of burgers increases by $2, what happens to the equilibrium price of pizza? (3 pts)