1. Suppose the demand curve for pizza can be represented by the equation:
QD = 20 - 2P,
where QD is the quantity demanded and P is the price.
The supply curve for pizza can be represented by the equation
QS = P - 1,
where QS is the quantity supplied.
The initial equilibrium price of pizza is $ _____.
2. Suppose the demand curve for pizza can be represented by the equation:
QD = 20 - 2P,
where QD is the quantity demanded and P is the price.
The supply curve for pizza can be represented by the equation
QS = P - 1,
where QS is the quantity supplied.
The initial equilibrium quantity of pizza is _____ pizzas.
3. Suppose the demand curve for pizza can be represented by the equation:
QD = 20 - 2P,
where QD is the quantity demanded and P is the price.
The supply curve for pizza can be represented by the equation
QS = P - 1,
where QS is the quantity supplied.
Suppose the government imposes a tax of $3 per pizza.
The new equilibrium price of pizza is $
QD = 20 - 2P,
where QD is the quantity demanded and P is the price.
The supply curve for pizza can be represented by the equation
QS = P - 1,
where QS is the quantity supplied.
The initial equilibrium price of pizza is $ _____.
2. Suppose the demand curve for pizza can be represented by the equation:
QD = 20 - 2P,
where QD is the quantity demanded and P is the price.
The supply curve for pizza can be represented by the equation
QS = P - 1,
where QS is the quantity supplied.
The initial equilibrium quantity of pizza is _____ pizzas.
3. Suppose the demand curve for pizza can be represented by the equation:
QD = 20 - 2P,
where QD is the quantity demanded and P is the price.
The supply curve for pizza can be represented by the equation
QS = P - 1,
where QS is the quantity supplied.
Suppose the government imposes a tax of $3 per pizza.
The new equilibrium price of pizza is $