3. The following table shows the demand and supply of eggs (in hundreds of thousands per day)....
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3. The following table shows the demand and supply of eggs (in hundreds of thousands per day).
a) What are the equilibrium price and the equilibrium quantity?
b) Complete the surplus/shortage column. Using this column, explain why your answer to question
(a) must be correct.
c) What would be the surplus/shortage at a price of $2.50?
What would happen to the price and the quantity traded?
d) What would be the surplus/shortage at a price of $4?
What would happen to the price and the quantity traded?
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