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Describe the equilibrium price and quantity in the market

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Reference no: EM131109121

Assignment 3: Demand and Supply

The use of E-Books has increased in recent years, especially with the advent of mobile E-Readers. A marketing research firm recently developed the following supply and demand schedules for E-books:

Price/E-Book

Quantity Demanded

Quantity Supplied

$18

4000

10,000

16

5000

9500

14

6000

9000

12

7000

8500

10

8000

8000

9

9000

7500

8

10000

7000

7

11000

6500

6

12000

6000

5

13000

5500

4

14000

5000

2

15000

4500

Assignment Guidelines:

Using Microsoft (MS) Excel, construct a graph showing supply and demand in the E-Book market based on the data above. (Save this file because you will re-work it later in the assignment.) When finished, copy and paste or import your graph into an MS Word document.

(Tutorials for working with MS Excel and MS Word can be found through the Tutoring Services and Tutorials link at the top of the page.)

In your MS Word document, below your imported graph, respond to the following:

1. Explain how the Laws of Supply and Demand are illustrated in this graph.
2. Describe the equilibrium price and quantity in this market.
3. Assume that the government imposes a price floor of $12 in the E-Book market. Explain what would happen in this market.
4. Assume that the price floor is removed and a price ceiling is imposed at $6. Explain what would happen in this market.
5. Now, assume that the price of E-Readers (used with E-Books) drops from $60 by fifty percent. How would this change impact the demand for E-Books? Explain your answer. Then, reconstruct your original graph to show this change and place it in your MS Word document below your explanation.

Remember, quotations, paraphrases, and ideas you get from books, articles, or other sources of information should be cited using APA style. Help with citing sources can be found through theAcademic Resources page under Course Home.

Reference no: EM131109121

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