User Account

All Pages

Explian what would happen in the given market

Assignment Help Microeconomics
Reference no: EM131818541

Assignment

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: EM131818541

Questions Cloud

Explain how advanced practice nurse roles : Explain how Advanced practice nurse roles (which ones) could lead the effort to make or influence the change in policy or keep the policy the same.
Do you believe that loyalty programs within a company help : Do you believe that 'loyalty' programs within a company actually help them retain and or gain more costumers? If so, how?
What are the adverse consequences of risk : What are the adverse consequences of risk? Give examples of each.How was the traditional process of risk management expanded?
What amount should ruiz record on march : On March 1, 2012, Ruiz Corp issued $1,000,000 of 8% nonconvertible bond at 104, What amount should Ruiz record on March 1, 2010
Explian what would happen in the given market : Assume that the government imposes a price floor of $16 in the tablet case market. Explian What would happen in this market?
Predominantly gram variable microorganisms : Match the microorganism (number) with its most common skin disease presentation (letter):
What policy recommendation would you give to the sec : Given the current situation, what policy recommendation would you give to the SEC? Could transparency play a part in resolving this issue? If so, how?
Discuss the gross profit as a percentage of sale : The board of directors of performance ltd. appointed a new manager to the Southern division of the company at the start of year 6
How does storytelling differ in audience engagement : Why have brand stories been so effective over the past few years as a way of distinguishing your social content from a sea of content info-besity?

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