a. Ifa producer tries to sell oranges at a price of $0.50 per pound, what will be the quantity demanded and quantity supplied at this price?

Q_d = pounds of oranges

Q_s = pounds of oranges

b. Determine whether there is a surplus or a shortage at a price of $0.50 per pound, and determine the size of the surplus or shortage.

At this price, there will be a (Click to select) shortage surplus of pounds of oranges.