User Account

All Pages

Create the graph showing supply and demand in tablet case

Assignment Help Microeconomics
Reference no: EM13390345

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. 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 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?

Reference no: EM13390345

Questions Cloud

Draw the supply amp demand graph to describe this change : 1. find an article online illustrating a change in demand or supply in some market.2. analyze the situation using
Construct a graphic representation of the data using six : to compare commuting times in various locations independent random samples were obtained from the six cities presented
Compare and contrast the b2c versus b2b buying behavior for : we market to consumers differently than we do when we market to businesses. there are some marketing basics that are
Find the financial statements of a publicly traded company : find the financial statements of a publicly traded company and review its liability section of the balance sheet. what
Create the graph showing supply and demand in tablet case : as an economist for abc plastics your boss has asked you to respond to some questions she has regarding the companys
Explain how the far numbering system works and provide an : explain how the far numbering system works and provide an example of an instruction provided in far ? explain why full
Your team is working on the opportunity assessment when you : your team is working on the opportunity assessment when you are notified there will be room on the agenda of the senior
Write down a paper comparing the two primary considerations : 750 words per question for a minimum total of at least 1500 words total1 write a paper comparing the two primary
Describe how organizational architecture and corporate : discuss how organizational architecture and corporate culture are related. use an example of a real-life firm and

Reviews

Write a Review

Microeconomics Questions & Answers

  According to the rule for optimal input usage a firm should

according to the rule for optimal input usage a firm should hire a person as long as her marginal revenue product is

  Why does scarcity imply a choice among alternatives

1. Why is the production of a combination of goods that is located inside the production possibilities curve considered to be inefficient 2. How can there be gains from trade even when total of production goods and service doesn't change 3. Why does..

  Draw budget line and the relevant indifference curve for

draw the budget line and the relevant indifference curve for a consumer who is initially a borrower. indicate the

  What is the absolute pressure at the top of the tank

A solar-water heating system uses solar panels on the roof of a large build, 40.0 m above the storage tank. The pressure at the panels is 1 atmosphere. What is the absolute pressure at the top of the tank?

  What is the distinction between gnp and gdp

1) Does the goal of full employment imply zero unemployment? If not, what types of unemployment would you expect to be present if the economy is at full employment 2) Why is price stability an economic goal What are the problems associated with ra..

  Derive the profit function

Consider the problem of maximizing the profit function (pi)= pY -wL subject to the production function Y= L to the alpha (as the exponent) where alpha E (epsilon) (0,1).

  A is current us fiscal policy expansionary or

a is current u.s. fiscal policy expansionary or contractionary? provide a specific example that supports your answer.b

  Supply curve slopes upwards or downwards

Provide some example of a goods that you purchase or market at your workplace to demonstrate why demand curve slopes downwards and why supply curve slopes upwards?

  Explain the role of education in the behavior changes

Rising educational levels of women have been central to our discussions of marriage behavior, fertility behavior and labor force behavior. And, education is a focus of the recent report by the Pew Research Center.

  Why board of directors have right to reject a high bidder

Both Viacom and Paramount owned a diverse group of entertainment business. QVC was a televised shopping channel. The Paramount board of directors accepted a merger offer from Viacom at a price of $69 per share. QVC and Viacom then entered a biddin..

  Demand curve problem

The demand curve for 48" Sony flat screen televisions is likely to move to the right when consumer incomes increase.

  Compute the mean and standard deviation of damage

Compute the mean and standard deviation of the damage in any year and determine the expected value of X, E(X), and expected value of Y, E(Y).

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