Assume that the demand and supply curves for eggs for the United States are given by the following equations:
Qd= 100 - 20P
Qs= 10 + 40P
Where Qd = millions of dozens of eggs Americans would like to buy each year; Qs = millions of dozen of eggs U.S. farms would like to sell each year; P = price per dozen eggs.
[A] Fill in the following table:
Price (Per dozen) Quantity Demanded (Qd) Quantity Supplied (Qs)
$.50
$1.00
$1.50
$2.00
$2.50
[B] Use the information in the table to find the equilibrium price and equilibrium quantity.
[C] Graph the demand and supply curves, and identify the equilibrium price and quantity.