How to Calculate A Shortage vs Surplus | Economic Homework | Think Econ

In this video we explain how to use the demand and supply equations to solve for the equilibrium price and quantity values (often referred to as P* and Q*) in a market, and then calculate the magnitude of a shortage or surplus in the market, depending on whether the actual price is above or below the equilibrium price in the market. This is something which you will need to know how to do throughout your studies in economics, so it's definitely worth reviewing to ensure you understand it. This channel is just getting started so if you enjoyed the content, let us know by liking, commenting, sharing, and subscribing to the channel; it really helps us out. ALOT. We release weekly videos on Thursdays covering all things ECONOMICS! If you have a great idea that you'd like featured, let us know in the comment section. If you're interested in daily content, consider following us on Twitter or Instagram. Twitter:   / thinkeconyt   Instagram:   / thinkeconyt   Enjoy, and have a great weekend! ~The THINK ECON Team KEYWORDS: Think Econ, microeconomics, economics, shortage and surplus supply and demand, shortage and surplus on a graph, shortage and surplus in economics, shortage and surplus questions, shortage and surplus of goods, calculate shortage and surplus, how to compute shortage and surplus, surplus shortage and equilibrium, shortage surplus graph, how to get shortage and surplus, how to calculate shortage and surplus, surplus and shortage in market equilibrium, what is shortage and surplus, shortage and surplus microeconomics, market equilibrium shortage and surplus, shortage or surplus, how to solve shortage and surplus, shortage vs surplus