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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
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 25 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 45 more units at each of the eight prices. Price ($) Quantity Demanded 1 Quantity Demanded 2 Quantity Supplied 1 Quantity Supplied 2 2 85 25 4 75 35 6 65 45 8 55 55 10 45 65 12 35 75 14 25 85 16 15 95 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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