Graph the demand and supply curve for air pods. Show the equilibrium price and quantity on the graph? What are the equilibrium price and equilibrium quantity? Remember, price goes on the y-axis and quantity on the x-axis.

I don’t know how to handle this Economics question and need guidance.

ECON 230: Week 2 Assignment:

INSTRUCTIONS (Questions need to be worked on MS Excel. Remember, price goes on the y-axis and quantity on the x-axis. Students need to show full calculations and how answers were derived for a chance at full credit. Use of Excel formulas or Google Sheets are required

  • Apple collected information on the demand and supply for the air pods in California where the quantities of air pods are measured in thousands.

Price

Qd

Qs

$128

30

18

$138

26

22

$158

24

24

$224

15

30

$282

8

40

a) Graph the demand and supply curve for air pods. Show the equilibrium price and quantity on the graph? What are the equilibrium price and equilibrium quantity? Remember, price goes on the y-axis and quantity on the x-axis. (15points)

b) Add another column and show the surplus and shortage numbers of air pods at all prices (5points)

c) Does this table follow the law of demand and supply? Explain.(5points)

2. Consider the supply and demand schedules below to answer the questions that follow:

(a) Graph the demand and supply curve and show the equilibrium price, equilibrium quantity demanded, and quantity supplied be? (15points)

(b) If price were $3, what would happen? (Discuss in terms of adjustment to equilibrium from the graph you provided.) (5points)

(c) If price were $8, what would happen? (Discuss in terms of adjustment to equilibrium from the graph you provided.)-(5points)

(d) If price were $5, what would happen? (Discuss in terms of adjustment to equilibrium from the graph you provided.)-(5points)

3. The table below shows the quantity demanded and quantity supplied of DVDs at each price level.

(a) Fill out the column entitled Surplus/Shortage. Show how the answers are derived using Excel formulas.- (5points)

(b) Graph the demand and supply curve and show the equilibrium price, equilibrium quantity demanded, and quantity supplied?. (15points)

(c) Suppose that advances in technology reduced the production cost of DVD players. What happens at the original equilibrium price level calculated in Part (a)? Use the graph you created to assist with your answers-(5points)

4) Fill the table below for the GDP of the country of Iember and show times of recession and growth

Consumption

Government Spending

Investment

Imports

Exports

2012 Q1

25

15

12

8

20

2012 Q2

41

55

12

1

8

2012 Q3

12

55

54

57

58

2012 Q4

68

44

45

52

52

2013 Q1

54

45

15

58

87

2013 Q2

40

27

15

25

58

2013 Q3

40

44

14

25

25

2013 Q4

28

35

47

58

25

  • Add a column for GDP and fill the results (10points)
  • Add a column showing times of recession and economic growth (10points)

References

  1. The links below helps in creating a demand and supply graph for this assignment.

https://www.reference.com/technology/graph-supply-demand-curve-excel-755ed0bcee7f3807

https://www.youtube.com/watch?v=pSsFUUMojxc

http://www.sussex.ac.uk/its/help/faq?faqid=2227

https://www.excel-easy.com/introduction/formulas-functions.html

Modern Principles of Economics 4TH 18

Author:

Cowen, Tyler / Tabarrok, Alex

ISBN-13:

978-1-319-09872-8

ISBN-10:

1-319-09872-X

Edition/Copyright:

4TH 18

Publisher:

Worth Publishers, Inc.