V2 esPrice of Tutoring (dollars per hour)605550454035302520151050Market supplyMarket demand25 50 75 100 125 150 175Quantity (hours per semester) a Determine the size of the market surplus or shortage that would exist ata price of $40.There will be a shortage ofb Determine the size of the market surplus or shortage that would exist at75.0 hoursInstructions: Round your response to one decimal place.There will be a surplushours.of

A market is a place where buyers and sellers come together to exchange goods and services. In the…

Answered: Determine the size of the market…

Determine the size of the market surplus or shortage that would es a price of $40. There will be a shortage of 75.0 hours.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

es
Price of Tutoring (dollars per hour)
60
55
50
45
40
35
30
25
20
15
10
5
0
Market supply
Market demand
25 50 75 100 125 150 175
Quantity (hours per semester)

a Determine the size of the market surplus or shortage that would exist at
a price of $40.
There will be a shortage of
b Determine the size of the market surplus or shortage that would exist at
75.0 hours
Instructions: Round your response to one decimal place.
There will be a surplus
hours.
of

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