Find the equilibrium price and equilibrium quantity

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Reference no: EM1374422

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.

Reference no: EM1374422

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