Oct 03, 2017 term paper 2

ECONOMICS 3

This paper concentrates on the primary theme of ECONOMICS 3 in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

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?


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