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Market equilibrium price

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Reference no: EM131172076

Question 1:

Based the tables below, if Heath and Cliff are the only buyers in the pizza market and Cathy is the only seller, what is the:

  1. market equilibrium price? 
  2. market equilibrium quantity?
  3. consumer surplus at the market equilibrium? 
  4. producer surplus at the market equilibrium?
  5. total benefit to society of this market? 

You must show your calculations and/or use diagram(s) to demonstrate how you arrived at your answers.

Price of pizza

Quantity of pizza demanded by

Heath

Cliff

$15

0

0

$14

1

0

$13

3

1

$12

5

3

$11

7

5

$10

9

7

$9

11

9

Price of pizza

Quantity supplied by Cathy

$15

28

$14

24

$13

20

$12

16

$11

12

$10

8

$9

4

$8

0

and Is the pizza market described in Question 1 above efficient? Explain. Is it equitable? Explain. 

Reference no: EM131172076

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