Question: The weekly demand for mini pizzas in a small town is given by Q D = 2250 - 200P - 200P R - 0.5M where

The weekly demand for mini pizzas in a small town is given by QD= 2250 - 200P - 200PR- 0.5M where QDis the quantity of mini pizzas demanded per week, P is the price of a mini pizza, PRis the price of a related product, and M is the average monthly income of consumers.

The weekly supply of mini pizzas is given by QS= - 400 + 200P where QSis the quantity of mini pizzas supplied per week.

Currently, the price of the related product, PRis $2 and the average consumer income, M is $100.

What is the equilibrium price?

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