Suppose the demand for eggs is: Q = 12,000 -2,000P and the supply of eggs is: Q = -1,000 + 3,000P, 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 = -2,000 + 3,000P. Find the market-clearing price and quantity for the product. The market-clearing price is $__ and the market-clearing quantity is__ million eggs.