Need help with assignment
Question Description
As 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/Case | Quantity Demanded | Quantity Supplied |
$24 | 5000 | 18000 |
22 | 6000 | 17000 |
20 | 7000 | 16000 |
18 | 8000 | 15000 |
16 | 10000 | 14000 |
14 | 11000 | 13000 |
12 | 12000 | 12000 |
10 | 13000 | 11000 |
8 | 14000 | 10000 |
6 | 15000 | 9000 |
4 | 16000 | 8000 |
2 | 17000 | 7000 |
You 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?
This question has not been answered.
Create a free account to get help with this and any other question!
Similar Content
A Separate Peace
by John Knowles
The Atlantis Gene
by S. A. Beck
The Second Sex
by Simone de Beauvoir
Oliver Twist
by Charles Dickens
Into Thin Air
by Jon Krakauer
The Underground Railroad
by Colson Whitehead
The Eyes Were Watching God
by Zora Neale Hurston
The Adventures of Huckleberry Finn
by Mark Twain
Good Kids Bad City
by Kyle Swenson
Studypool values your privacy. Only questions posted as Public are visible on our website.
Brown University
1271 Tutors
California Institute of Technology
2131 Tutors
Carnegie Mellon University
982 Tutors
Columbia University
1256 Tutors
Dartmouth University
2113 Tutors
Emory University
2279 Tutors
Harvard University
599 Tutors
Massachusetts Institute of Technology
2319 Tutors
New York University
1645 Tutors
Notre Dam University
1911 Tutors
Oklahoma University
2122 Tutors
Pennsylvania State University
932 Tutors
Princeton University
1211 Tutors
Stanford University
983 Tutors
University of California
1282 Tutors
Oxford University
123 Tutors
Yale University
2325 Tutors