The graph shows the schedule for hours of tutoring in economics. Price (per hour of tutoring) $254 20 15 10 7.50 2.50 100 200 300 400 500 600 700 800 900 Quantity (hours of tutoring per week) If the price increases from the equilibrium price of $10 to $15, total surplus will decrease, in numerals, by

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Market Surplus and Shortage Analysis

In everyday language, a “surplus” indicates that there is an excess of something, while a “shortage” means that there is a scarcity of it. In economics, “market surplus” refers to the condition where the quantity of a certain good more available than what is required or “demanded” by the market. In the same way, a “market shortage” refers to the condition where the quantity of a certain good is less available than what is “demanded” by the market. If quantity in demand is written as Qd and quantity that is supplied is written as Qs, then, the condition Qs > Qd indicates market surplus and condition Qd > Qs indicates market shortage.