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1. 1. 1.What is the equilibrium price? 2.What is the equilibrium quantity? 3. If the market price was 80, how many pizzas would be sold? 4. If the market price was 30, how many pizza would be sold? 5. If the market price was 80, would there be a shortage, surplus, or equilibrium? 6. If the market price was 30, would there be a shortage, surplus, or equilibrium? 7.What would be the quantity demanded at a price of 80? 8.What would be the quantity supplied at a price of 80? 9.What would be the quantity demanded at a price of 30? 10.What would be the quantity supplied at a price of 30? 10 Questions
2. 2. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
3. 3. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
4. 4. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
5. 5. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
6. 6. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
7. 7. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
8. 8. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QD = QS
9. 9. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QD = QS QS - QD 5 - 5
10. 10. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QD = QS QS - QD 5 - 5 No Shortage No Surplus
11. 11. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
12. 12. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
13. 13. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
14. 14. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
15. 15. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
16. 16. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QD
17. 17. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QD
18. 18. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QD
19. 19. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QD
20. 20. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QD QS
21. 21. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QD QS QS - QD 8 - 2
22. 22. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QD QS Surplus of 6 QS - QD 8 - 2
23. 23. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
24. 24. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
25. 25. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
26. 26. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
27. 27. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
28. 28. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10
29. 29. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QS
30. 30. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QS
31. 31. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QS
32. 32. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QS
33. 33. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QDQS
34. 34. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QDQS QS - QD 3 - 7
35. 35. Price Quantity Supply Demand 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 QDQS Shortage of 4 QS - QD 3 - 7
36. 36. 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Supply Demand
37. 37. 1.What is the equilibrium price? 50 2.What is the equilibrium quantity? 5 3. If the market price was 80, how many pizzas would be sold? 2 4. If the market price was 30, how many pizza would be sold? 3 5. If the market price was 80, would there be a shortage, surplus, or equilibrium? surplus 6. If the market price was 30, would there be a shortage, surplus, or equilibrium? shortage 7.What would be the quantity demanded at a price of 80? 2 8.What would be the quantity supplied at a price of 80? 8 9.What would be the quantity demanded at a price of 30? 7 10.What would be the quantity supplied at a price of 30? 3 10 Questions