Suppose the demand curve for pizza can be represented
Suppose the demand curve for pizza can be represented by equation Qd=20-2P, where Qdisthe quantity demanded and P is the price. The supply curve for pizza can be represented bythe equation Qs=P-1, where Qsis the quantity supplied.a) What are the equilibrium price and quantity in the pizza market? (2 marks)b) Suppose the government impose a $3 tax per pizza. How much more will consumers nowpay for pizza? (Hint: the prices in the demand and supply equations are no longer equal.The price that determines quantity demanded now equals the price that determinesquantity supplied plus $3).