3. Given the following data, identify the amount of shortage or surplus that would exist at a price of

(a) $5.00

6 wanted 26 supplied 

surplus of 20

(b) $3.00

13 wanted 16 supplied 

surplus of 3

(c) $1.00

22 wanted 7 supplied 

shortage of 15

  A. Price $5.00 $4.00 $3.00 $2.00 $1.00                                                    $5.00 $4.00 $3.00 $2.00 $1.00

B. Quantity demanded                                                                   C. Quantity supplied

   Al            1          2        3       4           5                                           Alice       3       3        3        3           3

   Betsy      0          1        1       1           2                                           Butch      7       5        4        4           2

   Casey     2          2        3       3          4                                           Connie     6       4        3        3           1

   Daisy      1          3        4       4          6                                            Dutch      6       5        4        3           0

   Eddie      1          2        2       3          5                                            Ellen       4       2        2        2            1

Market total 6 10 13 15 22                                Market total      26 19 16 15 7