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Surplus and Shortage of Fish

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Suppose the total demand for fish and the total supply of fish per month in the Kansas City fish market are as follows:

Demand and supply of fish
Price Quantity demanded Quantity supplied Surplus
(millions of pounds (millions of pounds per Month) or shortage
per Month)
$2.40 6 12 ____
$2.20 8 11 _____
$2.00 10 10 ______
$1.80 12 9 ______
$1.60 14 8 ______

Using the above data, graph the demand for fishes and the supply fishes. Be sure to label the axes of your graph correctly. Label equilibrium price "P" and the equilibrium quantity"Q'". Also, find a surplus and a shortage of fish.

Solution Summary

The expert examines a surplus and shortage of fish. A complete, neat and step-by-step solution is provided in the attached file.

$2.19