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Question 2 - 25% The following Table shows XYZ's market for avocado oil {in thousands of liters per month). Suppose that avocado oil increases in
Question 2 - 25% The following Table shows XYZ's market for avocado oil {in thousands of liters per month). Suppose that avocado oil increases in popularity, and the buyers are willing to buy an additional quantity of 10 units at each price level in the table. At the same time, as a result of improved technology, oil producers are willing to produce 30 more units at each price level. a. Fill in the columns of the Table. b. Calculate the new equilibrium price and quantity? Price in Quantity Quantity Quantity Quantity dollars Demanded Demanded 2 Supplied Supplied 2 10 2 80 20 3 70 30 40 5 50 50 6 40 60 7 30 70 80
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