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What is the equilibrium price

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Assignment: Supply and Demand Concepts

You have been hired by a new firm selling electronic dog feeders. Your client has asked you to gather some data on the supply and demand for the feeder, which is given below, and address several questions regarding the supply and demand for these feeders.

Price/Case Demand Supply

300 500 1800

270 600 1700

240 700 1600

210 800 1500

180 1000 1400

150 1100 1300

120 1200 1200

90 1300 1100

60 1400 1000

30 1500 900

10 1600 800

Your client has asked that you develop a report addressing the following questions so that you can present these findings to their Board of Directors:

Questions:

Construct a graph showing supply and demand in the electronic dog feeder 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 $180 in the feeder market. What would happen in this market?

Assume that the price floor is removed and a price ceiling is imposed at $90. What would happen in this market?

Now, assume that the price of feeders drops by 50%. How would this change impact the demand for feeders? Explain your answer and reconstruct the graph developed in question one to show this change.

Assume that incomes of the consumers in this market increases. 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?

Reference no: EM13817217

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