A doctoral student has just completed a study for her dissertation and found the following demand and supply schedules for hand held computers to be as follows:
Price/Computer
Quantity Demanded
Quantity Supplied
$200
1000
2200
175
1250
2050
150
1500
1900
125
1750
1750
100
2000
1600
75
2250
1450
50
2500
1300
25
2750
1150
Questions:
Using Microsoft Excel, draw a graph illustrating the supply and demand in this market.
What is the equilibrium Price and Quantity in the market?
Now suppose the government imposes a special tax on these computers. Describe what would happen in this market in terms of the supply and demand curve.
Disregard the new tax in part three. Now assume that the government imposes a price ceiling of $100 in this market, as a result of protests of price gouging by the sellers. What would happen to the price and quantity in this market?
Disregard the events of part four. Assume that the manufacturers of this product lobby the government’s lawmakers, in terms of this product being an essential for college students but they are considering halting production due to the lack of profits. The lawmakers agree and now set a price floor at $150. What would happen in this market?
If consumers’ expectations were such that they were concerned about the economy and jobs, what would you think would happen in this market?
Compose your solutions to this assignment in a report as a MS Word document.
This assignment requires you to create a chart in Microsoft Excel. In order to accomplish that, you will need to enter the data in an Excel worksheet, and then use Excel to graph the data. Copy the graph from your Excel worksheet and paste it into your MS Word document along with any explanations or discussion, in-text citations if required, and responses to the list of the questions asked in this assignment.
Do not upload the Excel worksheet to the Submissions Area. The chart you create in Excel must be copied and pasted into a Word document.
Assignment 3 Grading Criteria
Maximum Points
Correctly constructed the supply and demand graph.
12
Answered questions 2-5 correctly, 15 points each.
60
Answered question 6 correctly.
8
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation.
20
Total:
100
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount! Use Discount Code “Newclient” for a 15% Discount!NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.
The post Supply, Demand, and Government in the Markets appeared first on Top Premier Essays.
0 comments