Week 1 Assignment 3: Supply and Demand Concepts

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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 Supplies

$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. Hopw 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 sonsumers in this market increases. What would happen in this market? Explain your answer and resonstruct 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?

 

Present your analysis in Microsoft Excel format. Enter non-numerical responses in the same worksheet using testboxes.

 

The book I am using is:

Mankiw, N. (2014). Principles of Economics (7th ed). Cengage Learning

 

 

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