Chap003.5 - The Equilibrium Price and Quantity of Pizza in...

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5 Chapter 3 - Supply and Demand: An Introduction Slide 25 Market Equilibrium ± Equilibrium z A system is in equilibrium when there is no tendency for it to change. ± Market Equilibrium z Occurs in a market when all buyers and sellers are satisfied with their respective quantities at the market price. Chapter 3 - Supply and Demand: An Introduction Slide 26 The Equilibrium Price and Quantity of Pizza in BCS Price ($ per slice) Quantity (1000s of slices per day) 4 2 3 81 21 6 Supply Demand Equilibrium at $3 Quantity Demanded = Quantity Supplied Chapter 3 - Supply and Demand: An Introduction Slide 27 Market Equilibrium ± Equilibrium Price and Equilibrium Quantity z The values of price and quantity for which quantity supplied and quantity demanded
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This note was uploaded on 02/20/2012 for the course ECON 202 taught by Professor Brightwell during the Spring '08 term at Texas A&M.

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