Assignment 3: Supply and Demand Concepts
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/Feeder Quantity Demanded Quantity Supplied $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 $...