Week 1 Project Claire

Instructions

Supply and Demand Concepts

As an economist for ABC Plastics, your boss has asked you to respond to some questions she has regarding the company’s main product, tablet cases. A marketing research firm recently developed the following supply and demand schedules for tablet cases:

Price/Case

Quantity Demanded

Quantity Supplied

$24

5000

18000

22

6000

17000

20

7000

16000

18

8000

15000

16

10000

14000

14

11000

13000

12

12000

12000

10

13000

11000

8

14000

10000

6

15000

9000

4

16000

8000

2

17000

7000

You are to develop a report addressing the following questions and present your findings to the Board of Directors:

Questions:

Construct a graph showing supply and demand in the tablet case 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?

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