Cost of producing eggs increases-supply curve for eggs

Assignment Help Business Economics

Reference no: EM13832070

Suppose the demand for eggs is: Q=9,000-3,000P and the supply of eggs is: Q=-500+2,000P, where quantity is measured in millions (of eggs).

Find the market-clearing price and quantity for eggs. (Enter price responses rounded to two decimal places.)

The market-clearing price is $___ and the market-clearing quantity is ___ million eggs.

Now suppose the cost of producing eggs increases such that the supply curve for eggs shifts to Q=-1,000+2,000P. Find the market-clearing price and quantity for the product.

The market-clearing price is $___ and the market-clearing quantity is ___ million eggs.

Reference no: EM13832070

Questions Cloud

Find the new equilibrium price and quantity after demand : The equation for the original demand curve is Q=50-6.25P. Find the new demand equation when demand increases by 20% (Round to one decimal place). Q=___ - ___P. Find the new equilibrium price and quantity after demand increases 20%. P= ___ Q=___

The equation for the long-run demand curve : Suppose that the world price of oil is roughly $60 per barrel and that the world demand and total world supply of oil equal 34 billion barrels per year (bb/yr), with a competitive supply of 20 bb/yr and 14bb/yr from OPEC. The equation for the long-ru..

What role does job analysis play : Discuss the process you would use to develop this new position. What role does job analysis play in developing a job description and subsequent job posting

Determine the objectives desired by alex from the solution : Explain each step of the process using the class reading material and then apply it to the fact pattern. You are Alex and you are making the decision.

Cost of producing eggs increases-supply curve for eggs : Suppose the demand for eggs is: Q=9,000-3,000P and the supply of eggs is: Q=-500+2,000P, where quantity is measured in millions (of eggs). Find the market-clearing price and quantity for eggs. Now suppose the cost of producing eggs increases such tha..

Which of the following cereals is the best to buy : which of the following cereals is the best to buy

Identification of intrinsic and extrinsic rewards : Identification of intrinsic and extrinsic rewards in the killers' behaviors. Demonstration of application of theory-based motivation (expectancy-value, self-worth, social comparison, and so forth) for how serial killers may have been motivated to lea..

Discuss how geography affects us border security : Technology, including travel-driven technology, has made the world smaller. It has enabled the rapid exchange of ideas and information, further shrinking the world. This has also led to more porous borders with significant difficulty in ensuring safe..

Find the new demand equation when demand increases : The equation for the original demand curve is Q=50-6.25P. Find the new demand equation when demand increases by 20%. The supply curve for the product is Q=-10+12.5P. Find the original equilibrium price and quantity using the above demand curve.

User Account

All Pages