Suppose the demand curve for pizza can be represented by equation Qd=20-2P, where Qd is…

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Suppose the demand curve for pizza can be represented by 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.

a) What are the equilibrium price and quantity in the pizza market? (2 marks)

b) Suppose the government impose a $3 tax per pizza. How much more will consumers now

pay for pizza? (Hint: the prices in the demand and supply equations are no longer equal.

The price that determines quantity demanded now equals the price that determines

quantity supplied plus $3).

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