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?

Identify examples of period costs versus product costs in a manufacturing setting.

Prepare and interpret manufacturing cost data and its impact on inventory accounts and income statements.

Evaluate direct and indirect manufacturing costs and the importance of accurate product costing.

Understand the concept of aggression and its various forms.

---

Definitions:

Manual Bleeding

Typically a two-person procedure in which a helper pumps the brakes while a technician opens and closes the bleeder screws.

Internally Leak

A condition where fluid or gas leaks within a system, such as in an engine or transmission, which may not immediately be visible outside but can affect performance and lead to damage.

Externally Leak

A situation where fluids escape from their intended system through cracks, loose connections, or damaged components, visible on the exterior of the machinery.

Brake Fluid

A type of hydraulic fluid used in brake systems to transfer force into pressure, facilitating the braking process.