The table shows the demand and supply schedules for milkshakes. What is the equilibrium price and equilibrium quantity of milkshakes? The equilibrium price of a milkshake is square and the equilibrium quantity is square milkshakes a week. }(l) Price intensity (increase per demanded number per Amount & Quantity demanded per demanded per 0 & Quantity supplied supplied 0 4.00 & 150 & 90 5.00 & 140 & 105 6.00 & 130 & 120 7.00 & 200 & 123 8.00 & 110 & 123

## Step 1: Understand the concept of equilibrium<br />### The equilibrium price and quantity occur where the quantity demanded equals the quantity supplied. This is the point at which the market for milkshakes is balanced, with no excess supply or demand.<br /><br />## Step 2: Analyze the table data<br />### We need to find the price at which the quantity demanded equals the quantity supplied. Let's examine the data provided:<br /><br />- At $4.00, Quantity Demanded = 150, Quantity Supplied = 98<br />- At $5.00, Quantity Demanded = 140, Quantity Supplied = 105<br />- At $6.00, Quantity Demanded = 130, Quantity Supplied = 113<br />- At $7.00, Quantity Demanded = 120, Quantity Supplied = 120<br />- At $8.00, Quantity Demanded = 110, Quantity Supplied = 126<br /><br />## Step 3: Identify the equilibrium point<br />### From the data, we observe that at a price of $7.00, the quantity demanded (120 milkshakes) equals the quantity supplied (120 milkshakes). Therefore, this is the equilibrium point.