The Following Table Shows the Demand and Supply of Bottles

question 101

Essay

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?

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Definitions:

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Polypharmacy

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Individuals who are in the later stages of their life, often defined as being 65 years or older, with varied health, functioning, and social needs.