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.