SAT, 07.10.2021 14:00 Dajuan2x

Answer the following questions using complete sentences. 1. Define "demand", "supply", and "equilibrium" as they relate to economics.

2. Draw a demand curve for Pizza using the following:
P- $5 $10 $15 $20 $25
QD- 25 20 15 10 5

3.Draw a Supply Curve for Pizza using the following:
P- $5 $10 $15 $20 $25
QS- 5 10 15 20 25

4. What is an Equilibrium Price? What is an Equilibrium Quantity? What are the Equilibrium price and equilibrium quantity set by the market for pizza based on #s 3 and 4? Explain why this is the Equilibrium Price and Quantity.

5. Draw a Supply and Demand Graph by combining the D and S curves onto one graph. Label the Equilibrium Price and Quantity on your graph. Denote them by using dashed lines to indicate where the points are located.

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Answer the following questions using complete sentences. 1. Define "demand", "supply", and "equili...

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