Question

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; and P = price per dozen of eggs.
Fill in the following table:
Price Quantity Quantity
( Per Dozen) Demanded (Qd) Supplied (Qs)
$ .50
$ 1.00
$ 1.50
$ 2.00
$ 2.50

Answer 1

Answer: Please find answers in explanation column

Step-by-step explanation:

Given

Qd = 100 - 20P

Qs = 10 + 40P

Price Quantity Quantity Quantity

( Per Dozen) Demanded (Qd) Supplied (Qs)

$ .50 90 30

$ 1.00 80 50

$ 1.50 70 70

$ 2.00 60 90

$ 2.50 50 110

Calculation

at price = $0.50

Qd = 100 - 20P = 100 - 20 x (0.50) =100-10 =90

Qs = 10 + 40P= 10 + 40 x (0.50)=10+ 20 = 30

at price = $1.00

Qd = 100 - 20P = 100 - 20 x (1.00) =100-20 =80

Qs = 10 + 40P= 10 + 40 x (1.00)=10+ 40 = 50

at price = $1.50

Qd = 100 - 20P = 100 - 20 x (1.50) =100-30 =70

Qs = 10 + 40P= 10 + 40 x (1.50)=10+ 60 = 70

at price = $2.00

Qd = 100 - 20P = 100 - 20 x (2.00) =100-40 =60

Qs = 10 + 40P= 10 + 40 x (2.00)=10+ 80 = 90

at price = $2.50

Qd = 100 - 20P = 100 - 20 x (2.50) =100-50=50

Qs = 10 + 40P= 10 + 40 x (2.50)=10+ 100 = 110