Economics

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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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