User Account

All Pages

Construct a graph showing supply and demand

Assignment Help Microeconomics
Reference no: EM132047504

Supply and Demand Concepts 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?

Submission Details: Present your analysis in Microsoft Excel format. Enter non-numerical responses in the same worksheet

Verified Expert

This is a microeconomics assignments related to demand and supply concepts.The implications of demand and supply determinants of the table case market is analysed here. All the analysis is done with the help of appropriate diagram. The solution is given in excel format as instructed.

Reference no: EM132047504

Questions Cloud

Explain to me behaviour modification theory : What can be two causes of inappropriate behaviours? What are ways that can be implemented to overcome these problems?
Business intelligence reporting and dashboard concepts : Many researchers challenge traditional Business Intelligence reporting and dashboard concepts by introducing
Explain how you would go about creating a risk management : Explain how you would go about creating a risk management plan for a project. Please give specific examples.
Prepare the partnership appropriation account : The profits, which occurred evenly throughout the year and before any adjustments, amounts to ksh150,000. Prepare the partnership's appropriation account
Construct a graph showing supply and demand : 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
Working within the entertainment industry : Consider a company working within the entertainment industry and answer the following question:
How can you evaluate the results of the training program : How can training affect the role of employees in aligning them with the major strategic changes coming down the organizational hierarchy?
Identify the triggering event in detail : Identify the "triggering event:" This is a recent occurrence (or series of occurrences) that brought the issue to the public's attention, putting the company.
Describe the pricing method or system of bitcoin : Describe the pricing method or system of Bitcoin in at least 400 words.

Reviews

inf2047504

8/22/2018 3:19:16 AM

Excellent work done by the expert. Expert explained and answered all the questions correctly and appropriately. Thanks to Experts Mind.com

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd