Posted by **Sanford** on Sunday, November 4, 2012 at 5:18pm.

Graph A New Equilibrium:

Y axis represents Quantity (hours per semester) 0, 25, 50, 75, 100, 125, 150

X axis represents Price of Tutoring (per hour) 0, 5, 10, 15, 20, 25, 30, 35, 40, 45, $50

Question:

Determine the approximately size of market surplus or shortage that would exist at a price of

(a) $40 (b) $20

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