Please answer the question in full for points The market for pizza has the follo

Question

Please answer the question in full for points

The market for pizza has the following demand and supply schedules: What is the equilibrium price and quantity of pizzas? At a price of S5, there will be a shortage or surplus? What will happen to the price? At a price of S8, there will be a shortage or surplus? What will happen to the price? Suppose that the supply of pizzas increased by 51 at each price. What will be the new equilibrium price and quantity of pizzas?

Explanation / Answer

Ans:- a). The equilibrium price is $6 where demand and supply are equal at 80 pizzas quantity = 80 pizzas b). At price $5 , there will be shortage , because demand > supply price will increase c). At price $8 , there will be surplus because demand

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