Problem
Suppose that the demand function for pizzas is Qd = 65,800 - 1,200P and the supply function is Qs = 4,000P - 20,000. Suppose the College Student Party is elected and places a price ceiling on pizza of $10 per pizza. How many pizzas will be bought and sold? Assuming that the highest willingness to pay consumers are the ones to consume the supplied pizzas, what will the effect be on the aggregate, consumer, and producer surpluses?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.