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Demand and supply information at different prices

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Reference no: EM131426851

The band Atomic Rooster has gotten back together and recorded a new album, "Home To Roost."  Below is demand and supply information at different prices for downloads:

PRICE          DEMAND     SUPPLY

$2                    550                50

 4                     450              150

 6                     350               250

 8                     250               350

10                    150               450

12                      50               550

A) Using excel or done neatly by hand, draw demand and supply curves using the information above.

B) Label and state the equilibrium point and explain what it means.

C) If the demand curve shifts up, what could cause that? If it moves down?

D) If the supply curve shifts to the left, what could cause that? It it shifts to the right?

E) How would supply and demand change if the government set a price floor $5 above the equilibrium price?

F) How would supply and demand change if the government set a price ceiling $4 below the equilibrium price?

Reference no: EM131426851

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