information below to answer the following two questions. At the initial equilibrium, the price of oil is 61 dollars per barrel and the quantity is 9000 barrels per day. The price elasticity of demand for oil is 1.3 and the price elasticity of supply is 0.45. Because of worldwide economic recovery from the pandemic, quantity demanded for oil is expected to increase by 270 barrels per day at any given price. 31. Given this information, we predict that the equilibrium price will [ Answer31A ] (A. increase, B. decrease) by [ Answer31B ]%. 32. In addition, we predict that the equilibrium quantity will [ Answer32A ] (A. increase, B. decrease) by [ Answer32B ]%