Let the supply and demand functions for raspberry-flavored licorice be given by  p = S(q) =  q  and  p = D(q) = 90 -  q , where p is the price in dollars and q is the number of batches. Graph these functions on the same axes (graph the supply function as a dashed line and the demand function as a solid line). Also, find the equilibrium quantity and the equilibrium price.

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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.