Suppose that Andrew and Beth are the only suppliers of ice cream cones in a particular market. The following table shows their monthly supply schedules: Price (Dollars per cone) 1 PRICE (Dollars per cone) On the following graph, plot Andrew's supply of ice cream cones using the green points (triangle symbol). Next, plot Beth's supply of ice cream cones using the purple points (diamond symbol). Finally, plot the market supply of ice cream cones using the orange points (square symbol). 0 0 2345 4 Andrew's Quantity Supplied Beth's Quantity Supplied (Cones) (Cones) 0 3 4 6 6 8 7 10 8 11 8 12 QUANTITY (Cones) 16 24 Andrew's Supply ➜ Beth's Supply Market Supply

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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.