a retailer will buy 45 radios fom a wholesaler if the price is $10 each but only 20 if the price is $60. the wholesaler will supply 35 radios at $30 each and 70 radios at $50 each. assuming the supply and demand functions are linear, find the market equilibrium point.

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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.