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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 are

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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 are willing to buy an additional 35 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 55 more units at each of the eight prices. Price Quantity Quantity Quantity Quantity ($) Demanded 1 Demanded 2 Supplied 1 Supplied 2 1.5 90 125 10 65 3 80 115 20 75 4.5 70 105 30 85 6 60 95 40 95 7.5 50 85 50 105 9 40 75 60 115 10.5 30 65 70 125 12 20 55 80 135 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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