This problem involves using supply and demand equations.

Suppose the market is defined by

Demand: Q = 154 - 2P

Supply: Q = 2 + 2P

At a price of P = 17, what is the size of the shortage that will exist in the market?

Type in the amount of the shortage at price P = 17.

Shortage in supply 

Q = 42 

Demand 

Q = -42

Step-by-step explanation

Firstly we get the equilibrium price of supply and demand by equating supply and demand equation equal to each other. 

Supply = demand 

2 + 2P = 154 - 2P 

4P = 152 

P = 38

When price is equal to 17, let us compute the shortage in supplies of the market

Supply: 

Q(38) - Q(17) 

[2 + 2(38)] - [2 + 2(17)] 

= 78 - 36 

Shortage in supply = 42 

Demand: 

Q(38) - Q(17) 

[154 - 2(38)] - [154 - 2(17)] 

= 78 - 120 

Demand = -42 

Means that market needs to supply more to the people because shortage in supply will cause for people to demand more in the market