The following table shows the demand and supply of bottles of premium olive oil for Country ABC. $\begin{array} { | l | l | l | l | l | l | l | l | }
\hline \text { Price (\$) } & 1 & 2 & 3 & 4 & 5 & 6 & 7 \
\hline \text { Quantity demanded } & 18 & 16 & 14 & 12 & 10 & 8 & 6 \
\hline \text { Quantity supplied } & 3 & 6 & 9 & 12 & 15 & 15 & 21 \
\hline
\end{array}$ a) What are values of equilibrium price and quantity?
b) Suppose the price of premium olive oil is $6 per bottle, would there be a shortage or surplus? How much?

Question

The following table shows the demand and supply of bottles of premium olive oil for Country ABC. $\begin{array} { | l | l | l | l | l | l | l | l | } 
\hline \text { Price (\$) } & 1 & 2 & 3 & 4 & 5 & 6 & 7 \
\hline \text { Quantity demanded } & 18 & 16 & 14 & 12 & 10 & 8 & 6 \
\hline \text { Quantity supplied } & 3 & 6 & 9 & 12 & 15 & 15 & 21 \
\hline
\end{array}$ a) What are values of equilibrium price and quantity?
b) Suppose the price of premium olive oil is $6 per bottle, would there be a shortage or surplus? How much?

Quizplus · Accepted Answer

The Answer of The following table shows the demand and supply of bottles of premium olive oil for Country ABC. $\begin{array} { | l | l | l | l | l | l | l | l | } 
\hline \text { Price (\$) } & 1 & 2 & 3 & 4 & 5 & 6 & 7 \
\hline \text { Quantity demanded } & 18 & 16 & 14 & 12 & 10 & 8 & 6 \
\hline \text { Quantity supplied } & 3 & 6 & 9 & 12 & 15 & 15 & 21 \
\hline
\end{array}$ a) What are values of equilibrium price and quantity?
b) Suppose the price of premium olive oil is $6 per bottle, would there be a shortage or surplus? How much?

The Following Table Shows the Demand and Supply of Bottles