Solution-Firm equilibrium price and quantity in the market

Firm equilibrium price and quantity in the market

Assignment Help Business Economics

Reference no: EM133083565

You are a junior executive of a new cellular phone carrier called Technologies of the Future (TOF) that competes in the same market as Verizon Wireless, AT&T, and T-Mobile. You have been asked to analyze supply and demand, market equilibrium, and market shortages and surpluses to determine the optimal price for TOF to charge for a phone. The task at hand is to graph the supply and demand curves in Excel using the values given below.

The graph should include a chart title, x-axis, y-axis, and contain a properly labeled equilibrium point.

Identify the firm's equilibrium price and quantity in the market.
Draw on your graph a price ceiling and a price floor and discuss what those terms mean. Explain which government-mandated price would result in a market shortage and a market surplus and why?
Calculate market shortages and market surpluses given the values from the graph based on the prices provided in the Price.docx. Be sure to define a market shortage and a market surplus.
Identify and discuss the price TOF should charge for its cellular phones.
Describe potential market failures that TOF could experience as a result of government policies.

Price	Quantity Demanded	Quantity Supplied
500	1200	200
600	1100	300
700	1000	400
800	900	500
900	800	600
1000	700	700
1100	600	800
1200	500	900
1300	400	1000
1400	300	1100
1500	200	1200

Reference no: EM133083565

Questions Cloud

Demonstrate sensitivity explaining to the patient : Demonstrate sensitivity explaining to the patient the necessity of a second opinion to corroborate the medical necessity of the procedure prior to approval

Calculate amounts for december 31 adjustments : Calculate amounts for December 31 adjustments in yellow boxes and Prepare the financial statements using formulas for the corresponding year

Learned about mercantilist theory : Starting with Japan in the 1970s, there are some countries whose trade policy American policy-makers have characterized as "neo-mercantilist."

Danger of trade-diverting regional blocs : Do you agree that international trade has uniformly shown itself to be a positive element in the growth of the Third World? How is international trade's ability

Firm equilibrium price and quantity in the market : You are a junior executive of a new cellular phone carrier called Technologies of the Future (TOF) that competes in the same market as Verizon Wireless, AT&T, a

Major stakeholders in healthcare : Is healthcare as a right or privilege and the major stakeholders in healthcare and the interaction among these stakeholders.

Influence of technology on labour productivity : What are some policy recommendation for the Influence of technology on labour productivity?

Multipoint curve drawing? tool : a. Suppose that the price of good 2 relative to that of good 1 is 2. For ?simplicity, define P1? = 1 and P2? = 2. Given that the total labor allocated between t

Variable operating cost of the lathe : The variable operating cost of the lathe, including labor. is $19.60 per hour. The variable operating cost of the drill, including labor, is $17.90 per hour.

User Account

All Pages

Firm equilibrium price and quantity in the market

Reference no: EM133083565

Reference no: EM133083565

Questions Cloud

Reviews

Write a Review

Business Economics Questions & Answers

Economics assignment

Demand and supply curves

Long-run perfectly competitive equilibrium for the firm

Supply and demand diagrams

Case study: fisher-price toys

Draw the production possibility curve

Tax revenue

Maximize total welfare

Difference between the cv and the ev

Depict von neumann-morgenstern utility index u in a diagram

What is the market solution

Calculate gross national product and net national product

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT