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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?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92646904
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