Suppose that in a recent market period, the following relationship existed between the price of tablet devices and the quantity supplied and quantity demanded.

Price ______Quantity Demanded _______Quantity Supplied

$330 ............... 100 million ........................ 40 million

$340 ................ 90 million ........................ 60 million

$350 ................ 80 million ........................ 80 million

$360 ................ 70 million ....................... 100 million

$370 ................ 60 million ....................... 120 million

Graph the supply and demand curves for tablet devices using the information in the table. What are the equilibrium price and quantity? If the industry price is $340, is there a shortage or surplus of tablet devices? How much is the shortage or surplus?