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The Following Data Shows the Yearly Demand and Supply of Staterooms

Question 115

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The following data shows the yearly demand and supply of staterooms on board a cruise ship.
(i) At what price does the cruise ship experience a shortage of 300 rooms?
(ii) At what price does the cruise ship experience a surplus of 300 rooms?
 Price per  Stateroom of  Cruise Ship  Quantity  Demanded  (pounds)  Quantity  Supplied  (pounds) $5991,8001,200$6991,5001,200$7991,2001,200$8999001,200$9996001,200\begin{array} { | l | l | l | } \hline \begin{array} { l } \text { Price per } \\\text { Stateroom of } \\\text { Cruise Ship }\end{array} & \begin{array} { l } \text { Quantity } \\\text { Demanded } \\\text { (pounds) }\end{array} & \begin{array} { l } \text { Quantity } \\\text { Supplied } \\\text { (pounds) }\end{array} \\\hline \$ 599 & 1,800 & 1,200 \\\hline \$ 699 & 1,500 & 1,200 \\\hline \$ 799 & 1,200 & 1,200 \\\hline \$ 899 & 900 & 1,200 \\\hline \$ 999 & 600 & 1,200 \\\hline\end{array}

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