As far as I know, this song was written by a west coast folkie named Ed Bronstein, who wrote under the nom d'plume of Biggs Tinker.
His chorus tune is similar to Aura Lee (as it is attributed in the Spring 98 update, but it also has verses.
This song is also on Faith Petric's 1979 Album (along with Take Your Time You Lovely Old Man).
Ed's first verse is:

There is an old saying
It is very wise
You can see the truth of it
Right before your eyes

Chorus:
If a rock falls on an egg,
Too bad, too bad for the egg
If an egg falls on a rock
Too bad for the egg.

Ill have to play it or find my song book for the rest of the lyrics. Will post them later.
Barbara