# What would happen if the price of pizza was \$15?

Use the following information to answer the Questions below. Suppose the market demand for pizza is Show more Use the following information to answer the Questions below. Suppose the market demand for pizza is given by Qd = 300 20P and the market supply for pizza is given by Qs = 20P -100 where P = price (per pizza) A. In equilibrium how many pizzas would be sold and at what price? SHOW your work. B. What would happen if the price of pizza was \$15? (One sentence include specific quantities in your response). Suppose the price is allowed to adjust from \$15 back to equilibriumexplain the adjustment process in 1-2 sentences. C. Suppose the price of hamburgers a substitute for pizza doubles and that as a result the demand for pizza doubles. (At each price consumers demand twice as much pizza as before.) Write the expression for the new market demand for pizza and solve for the new equilibrium price and quantity. SHOW your work. Show less

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