HW 10 1) Assume the demand and supply for olive oil in Greece are given by: Demand: Q = 60-P Supply: Q =0.25P -2.5 a) [2 points] Calculate the equilibrium price and quantity [show all calculations]. b) [1 point] Plot the supply and demand curves on one graph. c) [1 point] If the price was 52, how much olive oil would buyers be willing and able to purchase and how much would producers be willing and able to sell? What is this phenomenon called? Can the market remain in this state? Explain