Can you please help me on my Economics home work.?

[Lucky]

1The market for pizza has the following demand and supply schedule.

PriceQuantity DemandedQuantity Supplied
$4- 135 - 26
5- 104 - 53
6 - 81 - 81
7-68-98
8-53-110
9-39-121
Graph the demand and supply curves (curves are not straight lines).
2) What is the equilibrium price and quantity in this market?
3) If the actual price in this market were above equilibrium price, what would drive the price toward the equilibrium?
4) If the actual price in this market where below the equilibrium price, what would drive the price toward the equilibrium?

Instructions:

Label the axis, label the curves, and show the point of intersection.

[Jon B]

This ones pretty easy. Pay attention in class!

I can't draw a detailed market in here, but the equilibrium price is $6.00 and the equilibrium quantity is 81. If you look at your data, thats where the quantity demanded equals the quantity supplied.

If the price was above $6.00, say at $7.00, only 68 would be demanded, but 98 would be supplied. This causes a surplus of the good, and producers will have to cut the price until the clear their surplus inventory. That will happen when the price is lowered to $6.00.

If the price is at $5.00, there will be a shortage. 104 are demanded, but only 53 is supplied. Suppliers, seeing an opportunity to make some extra cash, will raise the price and produce more until the market clears at $6.00.

You'll have to draw the graph yourself. You can probably base the graph on a book example, just make sure your labels are right.