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The following diagram describes the hypothetical demand and supply for canned tuna in Canada in 2016. Suppose the price of a can of tuna is

The following diagram describes the hypothetical demand and supply for canned tuna in Canada in 2016.

Suppose the price of a can of tuna is $4.00. What is the quantity demanded? What is the quantity supplied? At this price, is there a shortage or a surplus? By what amount?
Suppose the price of a can of tuna is $1.50. What is the quantity demanded? What is the quantity supplied? At this price, is there a shortage or a surplus? By what amount?
What is the equilibrium price and quantity in this market?

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