This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Irene Ladies Menajang II C / 100613031 MICROECONOMICS PAGE 104 9. Suppose the demand and supply curves for eggs in the United States are given by the following equations : Qd = 100-20P Qs= 10 + 40P Where Qd = millions of dozens of eggs American would like to but each year; Qs = millions of dozens of eggs US farms would like to sell each year; P = price per dozen of eggs. a. Fill In the following table PRICE (PER DOZEN) QUANTITY DEMANDED (Qd) QUANTITY SUPPLIED (Qs) $ 0.50 Qd = 100 20x0.5 = 90 Qs = 10 + 40x0.50 = 30 $ 1.00 Qd = 100 20x1.00=80 Qs = 10 + 40x1.00 = 50 $ 1.50 Qd = 100 20x1.50=70 Qs = 10 + 40x1.50 = 70 $ 2.00 Qd = 100 20x2.00=60 Qs = 10 + 40x2.00 = 90 $ 2.50 Qd = 100 20x2.50=50 Qs = 10 + 40x2.50 = 110 b. Use the information in the table to find the equilibrium price and quantity Equilibrium price and quantity Quantity demanded (Qd) and Quantity Supplied (Qs) Price = $1.50, Qd = Qs = 70 c. Graph the demand and supply curves and identify the equilibrium price and quantity 11. Suppose the market demand for pizza is given by Qd = 300 20P and the market supply for pizza is given 11....
View Full Document
- Spring '11