Question: Help me how to solve this problem with explanation Thx Table below shows Osiris's market for olive oil (in thousands of litres per month). Suppose

Help me how to solve this problem with explanation Thx

Help me how to solve this problem with explanation Thx Table below

Table below shows Osiris's market for olive oil (in thousands of litres per month). Suppose that olive oil increases in popularity, and Osiris's buyers are willing to buy an additional 20 units at each of the eight prices in table below. At the same time, as the result of improved technology, oil producers are willing to produce 40 more units at each of the eight prices. Price Quantity Quantity Quantity Quantity ($ ) Demanded 1 Demanded 2 Supplied 1 Supplied 2 1.5 70 10 3 60 20 4.5 50 30 6 40 40 7.5 30 50 9 20 60 10.5 10 70 12 0 80 a) Complete the table above. b) What will be the new equilibrium price and quantity? Round your answers to one decimal place. New equilibrium price: $ Equilibrium quantity

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