Suppose the pizza market in the S.U. area is competitive.

| November 24, 2016

Suppose the pizza market in the S.U. area is competitive . Assume the market has reached a competitive equilibrium.

a. Graphically represent the pizza market below. Be sure to show two pictures, one representing the pizza market and the other representing the individual pizzeria.

b. Suppose there is a large increase in student enrollment at S.U. How will this affect the market for pizza and the profits of the individual pizzeria? Explain and demonstrate on your graphs in parta. If the individual pizzeria is making a profit, be sure to clearly label the size of the profit on your graphs above.

c. Based on your answer in part b, what adjustments will occur in this market overtime? Explain and demonstrate on your graphs in part a.

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