Suppose the demand and supply curves for eggs in the United States are given by the following equations:

Q,, = 100 - 20P

Qs = 10 + 40P

where Q(; = millions of dozens of eggs Americans would like to buy each year; Q, = millions of dozens of eggs U.S. farms would like to sell each year; P = price per dozen of eggs,

a. Fill in the following table:

(a) Price Quantity Demanded

(in Millions) Quantity Supplied

(in Millions)

$.50

$1.00

$1.50

$2.00

$2.50

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.

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