Question: The demand for pizza is given by = 85 0.4 where is the quantity demanded in slices and P is the price per

The demand for pizza is given by " = 85 0.4 where " is the quantity demanded in slices and P is the price per slice. The supply of pizza is given by + = 55 + 0.6. i. Calculate the equilibrium price and equilibrium quantity of pizza ii. Calculate the demand and supply for pizzas if the market price is $15 per slice. What problem exists in the economy? What would you expect to happen to price? b. As more people buy televisions, the demand for Netflix increases and the price of Netflix decreases. The fall in the price of Netflix decreases the supply of Netflix." Explain what is wrong with this statement.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Suppose that Edison and Hilary are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Hilary's Quantity Demanded (Slices) Price...

Note: Line segments will automatically connect the points. Remember to plot from left to right. ? 6 5 Charles's Demand Dina's Demand PRICE (Dollars per slice) 3 Market Demand 0 0 20 100 120 40 60 80...

3. Individual and market demand Suppose that Paolo and Sharon are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price (Dollars...

4. Demand and Supply Schedule for a slice of Pizza and Emilio's Price per slice Daily Quantity Demanded Daily Quantity Supplied $2.00 200 Slices 300 Slices $1.75 210 290 $1.50 230 270 $1.25 250 250...

3. Individual and market demand Suppose that Gilberto and Juanita are the only consumers of pizza stices in a particular market. The following table shows their annual demand schedules: Price...

Answer the following question and write down the explanation how the answer was found. Question 1 (1 point) Household expenditure (thousands of dollars per year) 32 24 16 8 8 16 24 32 40 Household...

Question 1 In most cases, a sales tax reduces economic efficiency because O a sales tax lowers prices for consumers and increase the firms' profits. O a sales tax reduces deadweight loss. O a sales...

MAT1050 / Dr. Khoule Exam 3 1. The total revenue function for a product is given by same product is given by R 250x C 1600 350x x 2 , and the total cost function for this , where R and C are each...

Carmens demand for pizza is given by where Q is the weekly quantity of pizza bought (in slices), I is weekly income, and P is the price of one slice of pizza. Using this demand function, answer the...

1)Consider a demand curve of the form Q d = 20-2 p where Q d is the quantity demanded of a good and p is the price of the good. Also consider a supply curve of the form Q s = 2p-4 where Q s is the...

William and Maxine Miller were shareholders of Claimsco International, Inc. They filed a suit against the other shareholders, Michael Harris and Kenneth Hoxie, and the accountant who worked for all...

X company concluded, acting as an agent of Z factory, a contract with Y company to purchase ten machines. X sued Z for damages. Who should X sue for damages Has the property of the goods passed to Z...

If a firm does not have adequate profits or cash to pay an unexpected dividend, what concept

Why should organisations promote managers as leaders of diversity in the workplace? Identify and describe three ( 3 ) characteristics that such leaders in a multinational environment should have.

Why is it important for trainers and trainees to establish a rapport with each other before a training session?

Even though most HRD professionals agree that HRD evaluation is valuable, in your opinion what are the most important reasons why it isnt practiced more frequently by organizations? How can these...

Identify and describe three potential problems with using self-report measures (e.g., participant questionnaires) in HRD evaluation. How can these problems be minimized?