User Account

All Pages

Create the graph showing supply and demand in tablet case

Assignment Help Microeconomics
Reference no: EM13390345

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 Supplies

$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:

1. Construct a graph showing supply and demand in the tablet case market, using Microsoft Excel.

2. How are the laws of supply and demand illustrated in this graph? Explain your answers.

3. What is the equilibrium price and quantity in this market?

4. Assume that the government imposes a price floor of $16 in the tablet case market. What would happen in  this market?

5. Assume that the price floor is removed and a price ceiling is imposed at $8. What would happen in this market?

6. 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.

7. Assume that incomes of the sonsumers in this market increases. What would happen in this market? Explain your answer and resonstruct the graph developed in question one to show this change.

8. 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.

9. 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?

Reference no: EM13390345

Questions Cloud

Draw the supply amp demand graph to describe this change : 1. find an article online illustrating a change in demand or supply in some market.2. analyze the situation using
Construct a graphic representation of the data using six : to compare commuting times in various locations independent random samples were obtained from the six cities presented
Compare and contrast the b2c versus b2b buying behavior for : we market to consumers differently than we do when we market to businesses. there are some marketing basics that are
Find the financial statements of a publicly traded company : find the financial statements of a publicly traded company and review its liability section of the balance sheet. what
Create the graph showing supply and demand in tablet case : as an economist for abc plastics your boss has asked you to respond to some questions she has regarding the companys
Explain how the far numbering system works and provide an : explain how the far numbering system works and provide an example of an instruction provided in far ? explain why full
Your team is working on the opportunity assessment when you : your team is working on the opportunity assessment when you are notified there will be room on the agenda of the senior
Write down a paper comparing the two primary considerations : 750 words per question for a minimum total of at least 1500 words total1 write a paper comparing the two primary
Describe how organizational architecture and corporate : discuss how organizational architecture and corporate culture are related. use an example of a real-life firm and

Reviews

Write a Review

Microeconomics Questions & Answers

  How does system differ from a system based on interest

Consequently, an example of an Islamic-sound banking practice is a system in which depositors deposit money to participate in profit-sharing and the banks provide funds to borrowers on the same principle with a mark-up as payment for their financi..

  Role of our government play in price ceilings

What role should our government play in Price Ceilings?

  Monopoly1a monopolistic firm has the short-run marginal

monopoly1.a monopolistic firm has the short-run marginal cost functionmc 20 4qwhere k capital is fixed and l laboris

  Describe the sources of this prejudice or discrimination

How does your selected religious group differ from other religious groups (such as in their beliefs, worship practices, or values)? What has been the experience of your selected religious group with others that do not share its beliefs or pr..

  Find best indifference curve and best affordable point

Assume you can only consume good X and Y out of abudget of $120. Your utility function is U = ln(X)+ln(Y ).

  Below is a summary of the economic situation as of 20131

below is a summary of the economic situation as of 2013.1 equals 0.6 pound.u.s. interest rate is 0.02.u.k. interest

  What are the profit maximizing levels of price and output

Customers to Live Theaters, Inc. can be divided into two groups: seniors and everyone else. The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving an additional p..

  Select the most recent statement what action did the fed

select the most recent statement what action did the fed take with respect to the target fed funds rate?a.what can you

  What is the exact slope of the graph

when a variable grows at constant rate, then the graph of the ln of the variable is a linear function of time, with slope that is approximately equal to the growth rate of the original variable (when that growth rate is small). Usin..

  1 why does rent control result in a shortage of rental

1. why does rent control result in a shortage of rental units.2. how does price elasticity of demand affect how much of

  Every time the order is placed for more item x it costs 10

item x is a standard item stocked in a companys inventory of component parts. each year the firm on a random basis uses

  How gross domestic product affected recession

Briefly Explain how the Gross Domestic Product (GDP) affected the recession in the United States throughout the late President Bush and early President Obama years.

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