Electronic Dog Feeder

Electronic Dog Feeder

Order Details

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

price/ feeder
$300,270,240,210,180,150,120,90,60,30,10

QUANtity DEMANDED
500,600,700,800,1000,1100,1200,1300,1400,1500,16000

Quantity Supplied
1800,1700,1600,1500,1400,1300,1200,1100,1000,900,800
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:

1)Construct a graph showing supply and demand in the electronic dog
feeder market, using Microsoft Excel.

2)How are the laws of supply and demand illustrated in this graph?
Explain your answers.

3)What is the equilibrium price and quantity in this market?

4)Assume that the government imposes a price floor of $180 in the
feeder market. What would happen in this market?

5)Assume that the price floor is removed and a price ceiling is
imposed at $90. What would happen in this market?

6)Now, assume that the price of feeders drops by 50%. How would this
change impact the demand for feeders? Explain your answer and
reconstruct the graph developed in question one to show this change.

7)Assume that incomes of the consumers in this market increases. What
would happen in this market? Explain your answer and reconstruct the
graph developed in question one to show this change.

8)Assume that the number of sellers decreases in this market. What
would happen in this market? Explain your answer and reconstruct the
graph developed in question one to show this change.

 

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