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

where Qmillions 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; and P price per dozen eggs.

a. Fill in the following table:

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.

d. Use algebra to solve these equations for the equilibrium price and quantity.

Transcribed Image Text:

Q = 100-20 P Q.-10+40 P