Please use the accompanying graph to answer the questions. 
a. What is the equilibrium price and equilibrium quantity?
b. At the price of $5, is there a shortage or a surplus? What is the amount of this shortage or surplus?
c. At the price of $15, is there a shortage or a surplus? What is the amount of this shortage or surplus?
Definitions:
Direct Labor
The labor costs directly attributed to the production of goods or services; it includes wages paid to workers physically making a product.
Constrained Resource
A limited resource in a production process that can restrict the company's ability to produce goods, impact scheduling, and ultimately affect throughput.
Current Profitability
A measure of how much profit a company is generating at the current time, often used to assess financial health.
Constrained Resource
A factor or resource in production that limits the output or performance of a process.
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