8 Book Print erences Price of Tutoring (dollars per hour) 55 Market supply 50 45 40 35 30 25 20 15 10 5 Market demand 0 25 50 75 100 125 150 175 Quantity(hours per semester) Instructions: Round your responses to two decimal places. a. Determine the size of the market surplus or shortage that would exist at a price of $40. There will be a surplus of 50 hours. b. Determine the size of the market surplus or shortage that would exist at a price of $10. There will be a shortage of hours. 9 ok ht nces Problem 03-10 algo If the equilibrium price for tickets to a Little Big Town concert is $110 each, and they sell them for $90. Instructions: In part b, enter your response as a whole number. a. Do they create a market surplus or shortage? shortage O surplus O Neither a shortage nor a surplus. b. Suppose scalpers buy 5,000 tickets and resell them for $110 each. How much profit do the scalpers earn?