Supply and Demand Concepts

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:

Get Your Custom Essay Written From Scratch
We have worked on a similar problem. If you need help click order now button and submit your assignment instructions.
Just from $13/Page
Order Now

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.

Needs help with similar assignment?

We are available 24x7 to deliver the best services and assignment ready within 3-4 hours? Order a custom-written, plagiarism-free paper

Order Over WhatsApp Place an Order Online

Do you have an upcoming essay or assignment due?

All of our assignments are originally produced, unique, and free of plagiarism.

If yes Order Similar Paper