Week 1 AssignmentSupply and Demand ConceptsAs an economist for ABC Plastics, your boss has asked you to respond to some questions she has regarding the company’s main product, tablet cases. A marketing research firm recently developed the following supply and demand schedules for tablet cases:Price/CaseQuantity DemandedQuantity Supplied$2450001800022600017000207000160001880001500016100001400014110001300012120001200010130001100081400010000615000900041600080002170007000You are to develop a report addressing the following questions and present your findings to the Board of Directors:Questions: Construct a graph showing supply and demand in the tablet case market, using Microsoft Excel.How are the laws of supply and demand illustrated in this graph? Explain your answers.What is the equilibrium price and quantity in this market?Assume that the government imposes a price floor of $16 in the tablet case market. What would happen in this market?Assume that the price floor is removed and a price ceiling is imposed at $8. What would happen in this market?Now assume that the price of tablet cases drops by 50%. How would this change impact the demand for tablet cases? Explain your answer and reconstruct the graph developed in question one to show this change.Assume that incomes of the consumers in this market increase. What would happen in this market? Explain your answer and reconstruct the graph developed in question one to show this change.Assume that the number of sellers decreases in this market. What would happen in this market? Explain your answer and reconstruct the graph developed in question one to show this change.Explain the difference between a normal good and an inferior good. Would your answers to question #7 change, depending on whether this good is a normal or inferior good? Why or why not?Submission Details:Present your analysis in Microsoft Excel format. Enter non-numerical responses in the same worksheet using textboxes.Submit to the Submissions Area by the due date assigned.All submissions must be original and all resources must be properly acknowledged.Week 2 AssignmentructionsElasticity and Its ApplicationOver the last year your boss has noticed that it would be useful for your firm to understand how consumers behave when variables in the market change and how these changes affect the total revenue for your product. You have been asked to do an analysis for your product, Good A, by addressing the following questions and reporting the results to your boss in a formal paper.Questions:Define the price elasticity of demand? What information does it provide? How is it calculated?Define the income elasticity of demand? What information does it provide? How is it calculated?Define the cross-price elasticity of demand? What information does it provide? How is it calculated?What is total revenue? How is it calculated?Define elastic, inelastic, and unitary elasticity means. How are these related to total revenue? Explain your answers.With respect to the price elasticity of demand, construct a graph using the data in Figure1. Illustrate the ranges on the demand curve that indicate elastic, inelastic, and unitary elasticity. Explain your answers. Enter non-numerical responses in the same worksheet using textboxes.Calculate the total revenue for each level of demand and post into the table, Figure 1. (Copy and paste this table into the Microsoft Word document that will form part of your submission.)Using the midpoints formula presented in the textbook, calculate the price elasticity coefficient for each price level, starting with the coefficient for the $4 to $6 level. For each coefficient, indicate each type of elasticity: elastic demand, inelastic demand, or unitary demand. Post your answers into the table, Figure 1.Assume that the income of consumers changes by 10%, and as a result the quantity demanded for Good A changes by 8%. What is the income elasticity of demand for Good A? What does this mean for your company?Assume that the price of competing Good B decreases by 5% and as a result, the quantity demand for Good A decreases by 8%. What is the cross-price elasticity for your product? What type of goods are Good A and Good B?Figure 1: The Demand Schedule for Barbeque DinnersPrice Quantity DemandedTotal RevenueElasticity CoefficientElastic or Inelastic$4100__________XXXXXXXX680______________________________860______________________________1040______________________________1220______________________________141______________________________Required:Prepare an analysis by answering the above-noted questions. Your analysis will consist of two documents as follows:Microsoft Word document: Questions 1-5, 7-10.Microsoft Excel worksheet: Question 6Submit your documents to the Submissions Area by the due date assignedWeek 4 AssignmentMarket FormsThe following questions address some of the price and output decisions faced by firms other than those found in perfect competition. Some numbers may be rounded.Table 1-aAverage Fixed costAverage Variable CostAverage Total CostOutput01 $ 180.00 $ 135.00 $ 315.002 $ 90.00 $ 127.50 $ 217.503 $ 60.00 $ 120.00 $ 180.004 $ 45.00 $ 112.50 $ 157.505 $ 36.00 $ 111.00 $ 147.006 $ 30.00 $ 112.50 $ 142.507 $ 25.71 $ 115.70 $ 141.418 $ 22.50 $ 121.90 $ 144.409 $ 20.00 $ 130.00 $ 150.0010 $ 18.00 $ 139.50 $ 157.50Table 1-a (continued)Marginal CostPriceTotal RevenueMarginal RevenueOutput0 $ 345.001 $ 300.002 $ 249.003 $ 213.004 $ 189.005 $ 165.006 $ 144.007 $ 126.008 $ 111.009 $ 99.0010 $ 87.00Questions:Complete Table 1. Summarize your calculations and use Microsoft Excel.Using Excel, draw one graph showing average fixed costs, average variable costs, average total costs, marginal revenue, and marginal costs.Using the data in the table and on your graph, what is the profit maximizing, or loss minimizing level of output? Explain and justify your answers.What is a normal profit? What is an economic profit? Explain your answer using examples. Are normal profits being earned in this example? Are economic profits present for this firm in this example? Explain your answers.Given the data in the table and the graph, how could you determine or identify the optimal plant size?What is the difference between explicit and implicit cost? Explain your answers. How would we determine if a cost is a fixed cost or a variable cost?Present your analysis in Microsoft Excel format. Enter non-numerical responses in the same worksheet using textboxes. If you want to learn how to use Microsoft Excel to create curves, refer to the Microsoft Excel tutorials.Submit your documents to the Submissions Area by the due date assigned.