Suppose the demand and supply curves for eggs in the United States are given by the following equations:
Q_d= 100 - 20P
Q_s= 10 + 40P
where Q_d= millions of dozens of eggs Americans would like to buy each year; Q_s= millions of dozens of eggs U.S. farms would like to sell each year; and P = price per dozen eggs.
a. Fill in the following table:

b. Use the information in the table to find the equilibrium price and quantity.
c. Graph the demand and supply curves and identify the equilibrium price and quantity.

Transcribed Image Text:

Quantity Demanded (Qa) Price (Per Dozen) Supplied (Q.) Quantity $ .50 $ 1.00 $ 1.50 $ 2.00 $ 2.50 | || |