The table above shows a demand schedule for eggs. What is the equilibrium price?

The table above shows a demand schedule for eggs. What is the equilibrium price?

Answer Details

The equilibrium price is the price at which the quantity demanded of a product is equal to the quantity supplied. From the table, we can see that at a price of N80, the quantity demanded by consumers and the quantity supplied by producers are both 100 crates. This means that the market is in equilibrium at a price of N80. Therefore, the answer is N80.