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How are the laws of supply and demand

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Reference no: EM13784319

The use of E-Books has increased in recent years, especially with the advent of mobile E-Readers. A marketing research firm recently developed the following supply and demand schedules for E-books:

Price/E-Book

Quantity Demanded

Quantity Supplied
$18 4000 10,000
16 5000 9500
14 6000 9000
12 7000 8500
10 8000 8000
9 9000 7500
8 10000 7000
7 11000 6500
6 12000 6000
5 13000 5500
4 14000 5000
2 15000 4500

Questions:

  1. Construct a graph showing supply and demand in the E-Book market, using 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 $12 in the E-Book market. What would happen in this market?
  5. Assume that the price floor is removed and a price ceiling is imposed at $6. What would happen in this market?
  6. Now assume that the price of E-Readers (used with E-Books) drops by fifty percent. How would this change impact the demand for E-Books? Explain your answer and reconstruct the graph developed in question one to show this change.

Reference no: EM13784319

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