Economics Question

The graph below depicts the market for oranges at a local farmers' market. Market for Oranges Price (dollars) $1.00 $0.90 $0.80 $0.70 - $0.60 - $0.50 $0.40 $0.30 $0.20 $0.10 - O _l_|_n_l_n_l_n_l_l_l_|_l_n_|_l_l_n_l_l_l 0 20 40 60 80 100120 140 160180 200 Quantity (pounds) Instructions: Enter your answers as a whole number. a. If a producer tries to sell oranges at a price of $0.60 per pound, what will be the quantity demanded and quantity supplied at this price? 0d: pounds of oranges 05: pounds of oranges b. Determine whether there is a surplus or a shortage at a price of $0.60 per pound, and determine the size of the surplus or shortage. At this price, there will be a of- pounds of oranges