Table 7-7 Antonio's Pizza -Based on Table 7-7, If Fred and Frieda Are the Quantity

question 33

Short Answer

Table 7-7
$\begin{array}{|c|c|c|}\hline \text { Price of pizza }&\text { Quantity of pizza demanded }\\\hline & \text { Fred } & \text { Frieda } \\\hline>\$ 15 & 0 & 0 \\\hline \$ 14 & 1 & 0 \\\hline \$ 13 & 3 & 1 \\\hline \$ 12 & 5 & 3 \\\hline \$ 11 & 7 & 5 \\\hline \$ 10 & 9 & 7 \\\hline \$ 9 & 11 & 9 \\\hline\end{array}$ Antonio's Pizza
$\begin{array}{|c|c|}\hline \text { Price } & \text { Quantity supplied } \\\hline \$ 15 & 28 \\\hline \$ 14 & 24 \\\hline \$ 13 & 20 \\\hline \$ 12 & 16 \\\hline \$ 11 & 12 \\\hline \$ 10 & 8 \\\hline \$ 9 & 4 \\\hline<\$ 9 & 0 \\\hline\end{array}$
-Based on Table 7-7, if Fred and Frieda are the only buyers in the pizza market and Antonio's is the only seller, what is the:
a.market equilibrium price?
b.market equilibrium quantity?
c.total consumer surplus at the market equilibrium?
d.total producer surplus at the market equilibrium?
e.total benefit to society of this market?

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Definitions:

Competitive Strategies

Approaches that organizations use to gain a competitive advantage in the market, differentiating themselves from competitors.

Low-Cost Provider

A business strategy aiming to achieve competitive advantage by offering products or services at lower prices than competitors.

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High-quality, often handcrafted or uniquely flavored salad dressings aimed at enhancing the culinary experience of salads.