skip to Main Content

   *NO copy / paste NO plagiarism ALL ORIGINAL Work. Answer all questions* · Pre

  
*NO copy / paste NO plagiarism ALL ORIGINAL Work. Answer all questions*
· Present your analysis in Microsoft Excel format. Enter non-numerical responses in the same worksheet using textboxes.
Instructions
Supply and Demand Concepts
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   Supplied
 
$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 consumers in this market increase. What would happen in this market? Explain your answer and reconstruct 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?
Submission Details:
· Present your analysis in Microsoft Excel format. Enter non-numerical responses in the same worksheet using textboxes.
· *NO copy / paste NO plagiarism ALL ORIGINAL Work. Answer all questions*
·  

GET HELP WITH THIS PAPER TODAY

Do you need help working on this assignment? We will write a custom essay on this or any other topic specifically for you.

Back To Top