Supply And Demand Graph And Analysis
Supply And Demand Graph And Analysis
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You are a junior executive of a new cellular phone carrier called Technologies of the Future (TOF) that competes in the same market as Verizon Wireless, AT&T, and T-Mobile. You have been asked to analyze supply and demand, market equilibrium, and market shortages and surpluses to determine the optimal price for TOF to charge for a phone. The task at hand is to graph the supply and demand curves in Excel using the values given below.
Your graph must be properly constructed; please use a scatter graph with markers or a scatter graph with smooth lines. The graph should include a chart title, x-axis, y-axis, and contain a properly labeled equilibrium point.
- Identify the firm’s equilibrium price and quantity in the market.
- Draw on your graph a price ceiling and a price floor and discuss what those terms mean. Explain which government-mandated price would result in a market shortage and a market surplus and why?
- Calculate market shortages and market surpluses given the values from the graph based on the prices provided in the Price.docx. Be sure to define a market shortage and a market surplus.
- Identify and discuss the price TOF should charge for its cellular phones.
- Describe potential market failures that TOF could experience as a result of government policies.
Price Quantity Demanded Quantity Supplied
500 1200 200
600 1100 300
700 1000 400
800 900 500
900 800 600
1000 700 700
1100 600 800
1200 500 900
1300 400 1000
1400 300 1100
1500 200 1200
Explanation & Answer
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