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Explaining the concept of market equilibrium

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Reference no: EM133130802

Consider the following information on the supply and demand of widgets.

Price (P):

$32

$28

$24

$20

$16

$12

$8

$4

$0

Quantity   Demanded (QD):

0

3

6

9

12

15

18

21

24

Quantity   Supplied (QS):

24

21

18

15

12

9

6

3

0
  1. Using Excel Charts, set up a diagram showing the supply curve, the demand curve, the equilibrium price, and quantity. In your diagram, please make sure that you put the quantity on the horizontal axis in both of your diagrams. (You should create your diagram in Excel and then cut and paste it into the single Word file or pdf that you submit).
  2. In the context of the diagram that you created in part A, write a short essay outlining and explaining the concept of market equilibrium. As part of your answer make sure that you explain why, and in what sense, an equilibrium will exist in markets with clearly defined supply and demand curves. Also, as part of your answer, explain what will happen to the amount actually traded in the market if a government steps in and puts in place a price control that forces the market participants to trade at a price that is different from the equilibrium quantity.

Reference no: EM133130802

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