# 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