User Account

All Pages

Firm equilibrium price and quantity in the market

Assignment Help Business Economics
Reference no: EM133252134

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.

Your graph must be properly constructed; please use a scatter graph with markers or a scatter graph with smooth lines. 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: EM133252134

Questions Cloud

Outline your plans to help resolve the issue : Address all aspects of the problem identified clearly, cohesively, and concisely - Outline your plans to help resolve the issue by establishing a task force
Discuss patterns of multinational cooperation : Task 1 Customers: Describe the target customers as best as you can. Use demographic, psychographic, behavioral, cultural, or geographic segmentation.
Describe your understanding and interpretation of gray zone : Describe your understanding and interpretation of the gray zone; why it is important for the US, for allies, and for adversaries
Requirements for professional development : Now that you have completed your personal development plan, where would you store, record and maintain this information according to your work organisational re
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
Compare and contrast your preferred motivational theory : Compare and contrast your preferred motivational theory with the data presented and the conclusions drawn by Dan Pink in the video RS Animate
Night of thanksgiving at hotel fancyname : You have 50 rooms left to be sold on the night of Thanksgiving at Hotel Fancyname. There are two fares: the discount fare of $100 and a regular fare of $200. Le
Implement cybersecurity controls and policies : Ash_CIS 324_Week 3 Assignment Implement cybersecurity controls and policies to protect an organization's assets.
Milton friedman justification for the theory : What would Milton Friedman's opinion be on the Ford's case? Make sure to include the following:

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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