Macroeconomics - 2 assignments and 1 discussion - need help asap
A doctoral student has just completed a study for her dissertation and found the following demand and supply schedules for hand held computers to be as follows:
Price/Computer | Quantity Demanded | Quantity Supplied |
$200 | 1000 | 2200 |
175 | 1250 | 2050 |
150 | 1500 | 1900 |
125 | 1750 | 1750 |
100 | 2000 | 1600 |
75 | 2250 | 1450 |
50 | 2500 | 1300 |
25 | 2750 | 1150 |
Questions:
- Using Microsoft Excel, draw a graph illustrating the supply and demand in this market.
- What is the equilibrium Price and Quantity in the market?
- Now suppose the government imposes a special tax on these computers. Describe what would happen in this market in terms of the supply and demand curve.
- Disregard the new tax in part three. Now assume that the government imposes a price ceiling of $100 in this market, as a result of protests of price gouging by the sellers. What would happen to the price and quantity in this market?
- Disregard the events of part four. Assume that the manufacturers of this product lobby the government’s lawmakers, in terms of this product being an essential for college students but they are considering halting production due to the lack of profits. The lawmakers agree and now set a price floor at $150. What would happen in this market?
- If consumers’ expectations were such that they were concerned about the economy and jobs, what would you think would happen in this market?
Compose your solutions to this assignment in a report as a MS Word document.
This assignment requires you to create a chart in Microsoft Excel. In order to accomplish that, you will need to enter the data in an Excel worksheet, and then use Excel to graph the data. Copy the graph from your Excel worksheet and paste it into your MS Word document along with any explanations or discussion, in-text citations if required, and reponses to the list of the questions asked in this assignment.
DO NOT UPLOAD THE EXCEL WORKSHEET TO THE DROPBOX. The chart you create in Excel must be copied and pasted into a Word document.
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Discussion: about a short paragraph (3 -4 sentences)
The Law of Demand states that the demand for a product is inversely related to the price of such product. Therefore, the demand for a product is considered downward sloping. This implies that quantity demanded increases when price decreases. Is this always true?
In your answer, provide at least three examples of products for which quantity demanded remains unchanged regardless of a change in price. Also, provide at least three examples of products for which quantity demanded increases in response to an increase in price. Also, include a discussion of the factors of demand that may account for such examples and justify your conclusions.
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Go to the following website:
www.bea.gov/index.htm
Based on the information contained on the website above, answer the following questions:
- What was Real GDP for 2009?
- What does GDP tell us?
- How did GDP change from 2008?
- What caused these changes?
- What was GNP for 2009?
- What is the difference between GDP and GNP?
- How did GNP change from 2008?
- What caused these changes?
- What was National Income (NI) for 2009?
- What does National Income tell us?
- What is the difference between GNP and NI?
- How did NI change from 2008?
- What caused these changes?
- What was Disposable Income (DI) for 2009?
- What does Disposable Income consist of?
- How did DI change from 2008?
- What caused these changes?
- What was GDP in 2008 (sometimes called GSP) for your state?
Submit your responses in an Microsoft Word document in a short answer/worksheet format.
11 years ago
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