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
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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