ZuoTi.Pro
Question

DEMAND IN-CLASS WORKSHEET 2 This question examines the market for slices of pizza. You will construct...

DEMAND

IN-CLASS WORKSHEET 2

This question examines the market for slices of pizza. You will construct a demand curve from a demand schedule and explore the relationship between the price of a slice of pizza, the price of a burrito (a substitute good), and the quantity of pizza slices demanded by consumers.
The relationship between the price of a slice of pizza, the price of a burrito (a substitute good), and the quantity of pizza slices demanded is provided by the demand schedule below.

Price

(dollars)

Quantity of Pizza Slices Demanded (when the price of a burrito is $5.00)

Quantity of Pizza Slices Demanded (when the price of a burrito is $7.00)

$12.00

10

20

10.00

20

30

    8.00

30

40

    6.00

40

50

    4.00

50

60

Task 1: In the space below, in black ink, sketch out the demand curve for slices of pizza when the price of a burrito is $5.00. Remember to place “Quantity of Pizza Slices Demanded” on the horizontal axis and “Price (dollars)” on the vertical axis. Hint: This demand curve is a straight line.

Task 2: In the space above, in blue ink, sketch out the demand curve for slices of pizza when the price of a burrito is $7.00. Hint: This demand curve is a straight line.

Task 3: When the price of a substitute, like burritos, increases, does the demand for the good in question shift to the right or the left?

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

0 0
Add a comment
Know the answer?
Add Answer to:
DEMAND IN-CLASS WORKSHEET 2 This question examines the market for slices of pizza. You will construct...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • how do i break down the problems This question examines the market for slices of pizza,...

    how do i break down the problems This question examines the market for slices of pizza, You will construct a demand curve from a demand schedule and explore the relationship between the price of a slice of pizza, the price of a burrito (a substitute good), and the quantity of pizza slices demanded by consumers. The relationship between the price of a slice of pizza, the price of a burrito (a substitute good), and the quantity of pizza slices demanded...

  • Suppose that Paolo and Sharon are the only consumers of pizza slices in a particular market

    3. The demand schedule and demand curveSuppose that Paolo and Sharon are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules:PricePaolo's Quantity DemandedSharon's Quantity Demanded(Dollars per slice)(Slices)(Slices)14060225403153045205010On the following graph, plot Paolo's demand for pizza slices using the green points (triangle symbol). Next, plot Sharon's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol).Now, suppose that...

  • Suppose that Raphael and Susan are the only consumers of pizza slices in a particular market....

    Suppose that Raphael and Susan are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price (Dollars per slice) Raphael's Quantity Demanded (Slices) Susan's Quantity Demanded (Slices) On the following graph, plot Raphael's demand for pizza slices using the green points (triangle symbol). Next, plot Susan's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note:...

  • Question 8 Use the following Supply and Demand Schedule for slices of pizza for the below...

    Question 8 Use the following Supply and Demand Schedule for slices of pizza for the below question. Not yet uantity Demanded 300 275 150 100 70 uantity Supplied 2.50 Marked out of 1.00 P Flag question 75 150 50 5.00 400 What is the Equilibrium Price for a slice of pizza? Answer

  • ELASTICITY IN-CLASS WORKSHEET 2 This question examines the market for mangos. You will use a demand...

    ELASTICITY IN-CLASS WORKSHEET 2 This question examines the market for mangos. You will use a demand function to construct the demand schedule, calculate the price elasticity of demand at different points along a linear demand curve, and identify the likely effects of price changes on total revenue. Below, you are provided with the demand function for mangos. If you plug any price into the formula for the demand function, you get the quantity demanded at that price. Q = 150...

  • Suppose that Eric and Ginny are the only consumers of pizza slices in a particular market....

    Suppose that Eric and Ginny are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price Eric’s Quantity Demanded Ginny’s Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 40 60 2 30 40 3 20 30 4 10 20 5 0 10 On the following graph, plot Eric’s demand for pizza slices using the green points (triangle symbol). Next, plot Ginny’s demand for pizza slices using the purple points (diamond symbol)....

  • 3. Individual and market demand Suppose that Vakov and Ana are the only consumers of pizza...

    3. Individual and market demand Suppose that Vakov and Ana are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules: Price Yakov's Quantity Demanded Ana's Quantity Demanded (Dollars per slice) (Slices) (Slices) 16 12 On the following graph, plot Yakov's demand for pizza slices using the green points (triangle symbol). Next, plot Ana's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices...

  • 25 Use the following Supply and Demand Schedule for slices of pizza for the below question....

    25 Use the following Supply and Demand Schedule for slices of pizza for the below question. Price Quantity Demanded Quantity Supplied $2.50 300 $3.00 275 $3.50 150 $4.00 100 200 $4.50 70 300 $5.00 45 400 What would happen at a price of $3.00? Select one: a. A shortage of 200 b. A surplus of 200 c. This is an equilibrium point d. Increase in quality demanded

  • 3. Individual and market demand Suppose that Kevin and Maria are the only consumers of pizza...

    3. Individual and market demand Suppose that Kevin and Maria are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price (Dollars per slice) Kevin's Quantity Demanded Maria's Quantity Demanded (Slices) (Slices) 40 80 60 40 20 5 10 On the following graph, plot Kevin's demand for pizza slices using the green points (triangle symbol). Next, plot Maria's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for...

  • 3. Individual and market demand Suppose that Nick and Rosa are the only consumers of pizza...

    3. Individual and market demand Suppose that Nick and Rosa are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules: Price (Dollars per slice) Nick's Quantity Demanded (Slices) Rosa's Quantity Demanded (Slices) On the following graph, plot Nick's demand for pizza slices using the green points (triangle symbol). Next, plot Rosa's demand for plzza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT