User Account

All Pages

Construct graph showing supply and demand in tablet case

Assignment Help Microeconomics
Reference no: EM13813955

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:

Construct a graph showing supply and demand in the tablet case market, using Microsoft Excel.

How are the laws of supply and demand illustrated in this graph? Explain your answers.

What is the equilibrium price and quantity in this market?

Assume that the government imposes a price floor of $16 in the tablet case market. What would happen in this market?

Assume that the price floor is removed and a price ceiling is imposed at $8. What would happen in this market?

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.

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.

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.

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?

Reference no: EM13813955

Questions Cloud

Characteristics make diversity training : Discuss what characteristics make diversity training most effective along with at least three different approaches to diversity training. Include examples and your personal experience with diversity training programs.
Cyclical unemployment in the us : Topic of Cyclical unemployment in the U.S. must Utilize a minimum of three scholarly sources.
Develop an annotated bibliography : Develop an annotated bibliography of least eight references you will use for your Servant Leadership Research and Application paper
Comparison between ambitions of kennedy and johnson : Based on the attitudes from WWI and WWII, is there a fair comparison between the international ambitions of Kennedy, Johnson, or Nixon to those of Theodore Roosevelt?
Construct graph showing supply and demand in tablet case : How are the laws of supply and demand illustrated in graph and what is the equilibrium price and quantity in this market?
Cybercrime or cyberthreat in china and how affects us : Cybercrime/cyberthreat in China and how affects U.S. Afghanistan and how it affects the United States
What risk assessment tools will you use in order to ensure : What risk assessment tools will you use in order to ensure that the product being installed into your vehicles meets safety standards in order to avoid a recall
Describe the web-based information technologies : Describe the Web-based information technologies
What did both warhol and rauschenberg have in common : What did both Warhol and Rauschenberg have in common in regards to their art work? How were their subjects a reflection of the era in which they were created?

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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