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Answer :
When looking at a situation involving supply and demand in a market, equilibrium occurs when the quantity demanded equals the quantity supplied. This balance ensures that there's neither a surplus (excess supply) nor a shortage (excess demand).
Given Information:
- Price of a Slice of Pizza: [tex]$4.00
- Quantity Demanded: 170 slices
- Quantity Supplied: 225 slices
Interpreting the Data:
1. Quantity Demanded (170 slices) is lower than the Quantity Supplied (225 slices). This means that at the price of $[/tex]4.00, more pizza slices are available than consumers are willing to buy, resulting in a surplus.
2. Restoring Equilibrium:
- To reach equilibrium, the quantity demanded and the quantity supplied would need to equalize. This typically occurs when both quantities fall within a range where they can meet without excess on either side.
- In this case, equilibrium will be restored when both quantity demanded and supplied fall into a range where they match.
3. Possible Range for Equilibrium:
- Since 170 is the number of slices demanded and 225 is the number of slices supplied, equilibrium can be achieved when both these numbers meet at any point from 170 to 225.
- Therefore, the range in which the quantity demanded and quantity supplied can both change to restore equilibrium is between 170 and 225.
This means in a price-quantity adjustment scenario, both the demand and supply need to fall within that range to achieve equilibrium at the given price.
Given Information:
- Price of a Slice of Pizza: [tex]$4.00
- Quantity Demanded: 170 slices
- Quantity Supplied: 225 slices
Interpreting the Data:
1. Quantity Demanded (170 slices) is lower than the Quantity Supplied (225 slices). This means that at the price of $[/tex]4.00, more pizza slices are available than consumers are willing to buy, resulting in a surplus.
2. Restoring Equilibrium:
- To reach equilibrium, the quantity demanded and the quantity supplied would need to equalize. This typically occurs when both quantities fall within a range where they can meet without excess on either side.
- In this case, equilibrium will be restored when both quantity demanded and supplied fall into a range where they match.
3. Possible Range for Equilibrium:
- Since 170 is the number of slices demanded and 225 is the number of slices supplied, equilibrium can be achieved when both these numbers meet at any point from 170 to 225.
- Therefore, the range in which the quantity demanded and quantity supplied can both change to restore equilibrium is between 170 and 225.
This means in a price-quantity adjustment scenario, both the demand and supply need to fall within that range to achieve equilibrium at the given price.
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