Assignment 3: 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?
Deliverables:
Assignment 3: 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? Deliverables:
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more