The above figure represents the market for professional minor-league baseball umpires
a) If umpires are offered $90 a game, what is the quantity of umpires supplied?
b) If umpires are offered $90 a game, is there a surplus or shortage of games umpired? What does the shortage or surplus equal?
c) What is the equilibrium wage rate and quantity of umpires?
a) The quantity of umpires supplied is 20 umpires.
b) At $90 a game, there is a shortage of umpires. The shortage equals the quantity demanded, 50 umpires, minus the quantity supplied, 20 umpires, for a shortage of 30 umpires.
c) The equilibrium wage rate is $120 a game and the equilibrium quantity is 40 umpires.
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