3. Giventhe following data, identify the amount of shortage or surplus thatwould

Question

3. Giventhe following data, identify the amount of shortage or surplus thatwould exist at a price of

(a) $5.00

(b) $3.00

(c) $1.00

A. Price $5.00 $4.00 $3.00 $2.00$1.00                                                   $5.00 $4.00 $3.00 $2.00$1.00

B.Quantity demanded                                                                  C.Quantity supplied

   Al           1         2       3      4          5                                          Alice      3      3       3       3          3

   Betsy      0         1       1      1          2                                          Butch     7      5       4       4          2

   Casey     2         2       3      3         4                                          Connie    6       4       3       3          1

   Daisy      1         3       4      4         6                                           Dutch     6      5       4       3          0

   Eddie      1         2       2      3         5                                           Ellen      4      2       2       2           1

Markettotal __      __    __      __      __                               Market total      _       _       _       _           _

Explanation / Answer

3. Giventhe following data, identify the amount of shortage or surplus thatwould

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