Suppose that the supply and demand schedules for a product are as follows: Price Quantity demanded Quantity supplied $1 $5 $10 $15 $20 $25 $30 and the equilibrium quantity is 1,200 1,000 800 600 400 200 0 The equilibrium price is $ The buyer's reservation price is $ The consumer surplus when the market is in equilibrium is $ 0 100 200 300 400 500 600 and the seller's reservation price is $ and the producer surplus is $

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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.