1. Supply and Demand Schedules for Rawlings Baseball Gloves (76 points)

Supply Schedule Demand Schedule

Price Quantity Supplied Price Quantity Demanded

$ 60 25000 $ 60 60000

$ 70 50000 $ 70 50000

$ 80 75000 $ 80 40000

$ 90 100000 $ 90 30000

$100 125000 $100 20000

At each price from the schedules above, determine whether there exists a shortage or surplus of the baseball gloves in the market and state the size of this shortage or surplus at each price. (24 points)