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The following table represents data on the demand for and supply of "orange juice" at different price levels.


2. The following table represents data on the demand for and supply of "orange juice" at different price levels.
Price
(SR per bottle)
Quantity Demanded (bottles per month)
Quantity Supplied
(bottles per month)
1
90,000
39,000
2
82,000
42,000
3
70,000
51,000
4
55,000
55,000
5
48,000
65,000
6
40,000
68,000
7
37,000
72,000
Given these data, answer the following:
a. Find out the "value" and the "name" of the gap between demand and supply at each price level. (Write the answer in a new column).
b. What is the economic consequence at each price level? (Write the answer in a new column).
c. Represent diagrammatically Demand curve, supply curve, the market equilibrium point, equilibrium quantity, and equilibrium price.
d. In case of disequilibrium, how would the market mechanism work to restore the equilibrium in two opposite cases?

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