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6 The table below shows demand and supply schedules in the market for eggs, which is presumed to be a constant-cost industry. (2) (3) (1)
6 The table below shows demand and supply schedules in the market for eggs, which is presumed to be a constant-cost industry. (2) (3) (1) Quantity Demanded Quantity Supplied Price (thousands of cartons (thousands of cartons (6 per carton) per month) per month) Do D 1 So S1 X 01:32:55 3. 00 44 84 2. 75 54 74 2. 50 64 64 2. 25 74 54 2. 00 84 44 a. Draw a graph showing the demand and supply curves Do. D1, So, and S1. Plot only the endpoints of each curve using the given tools. Plot a total of 8 points below. Demand and Supply Curves for Eggs Tools D1 Do A So S1 Price ($ per carton) 0 10 20 30 40 50 60 70 80 90 Quantity (thousands of cartons per month)b. Suppose demand in this market shifts from Do to D1 so that quantity demanded is 20,000 cartons fewer at every price than before. What are the new equilibrium price and quantity? The new equilibrium price and quantity are $ and thousand cartons. Egg farmers are now making an economic (Click to select) v C. As a result of change in demand outlined in part b, the supply of eggs will shift to supply curve S1, associated with a new long-run equilibrium. What are the new equilibrium price and quantity? The new equilibrium price and quantity are $ and thousand cartons. Egg farmers are making an economic profit of $b. Suppose demand in this market shifts from Do. to D1 so that quantity demanded is 20,000 cartons fewer at every price than before. What are the new equilibrium price and quantity? The new equilibrium price and quantity are $ and thousand cartons. Egg farmers are now making an economic; (Clickto select) v c. As a result ofchange in demand outlined i prot Ily of eggs will shift to supply curve 81, associated with a new longrun equilibrium. What are the ne'u'uI equilibrium pri '059 The new equilibrium price and quantity are $ |:| and |:| thousand cartons. Egg farmers are making an economic profit of$
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