Question

The market for ice cream bars on a hot day at the local beach is summarized in the table below.

Market for Ice Cream Bars
Price (dollars) Quantity of Ice Cream Bars Demanded Quantity of Ice Cream Bars Supplied
$1.40 310 100
1.60 280 140
1.80 250 180
2.00 220 220
2.20 190 260
2.40 160 300
2.60 130 340
Instructions: Enter your answer as a whole number.
Determine whether there is a surplus or a shortage at a price of $1.80 per ice cream bar, and determine the size of the surplus or shortage.
There is a (shortage or surplus) of ___ ice cream bars.

Answer 1

70

Step-by-step explanation:

at the price of 1.80, there is a shortage because the quantity demanded exceeds the quantity supplied,

the size of this shortage = 250-180 = 70