The use of e-books has increased in recent years especially, Ask an Expert

Economics

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:

Construct a graph showing supply and demand in the E-Book market, using 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 $12 in the E-Book market. What would happen in this market?
Assume that the price floor is removed and a price ceiling is imposed at $6. What would happen in this market?
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.

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Microeconomics, Economics

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