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    Quantity Demand and Quantity Supplied

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    2. Suppose the demand and supply curves for eggs in 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 dozens 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 Quantity Supplied

    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.

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    Solution Summary

    Quantity Demand and Quantity Supplied are assessed.