We can work on Supply and Demand Concepts

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 per 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

80

1300

1100

60

1400

1000

30

1500

900

10

1600

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:

Construct a graph showing supply and demand in the electronic dog feeder 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?Assume that the government imposes a price floor of $180 in the feeder market. What would happen in this market?Assume that the price floor is removed and a price ceiling is imposed at $90. What would happen in this market?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.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.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.Explain the difference between a normal good and an inferior good. Would your answers to question 7 change depending on whether this good is a normal or inferior good? Why?

Sample Solution

errors in our judgments and behaviors (Acrobatiq, 2018). Psychologists have put years of time and research into observing cognitive bias, which are the errors in memory or judgment caused by us using our cognitive biases in an unfitting way. In 1984, a 22-year-old college student in North Carolina named Jessica Thompson unquestionably experienced the scariest day of her life. She wrote an article in the New York Times called “I Was Certain, but I Was Wrong”, reciting what happened on this unimaginable day. A man broke into her apartment, put a knife in her throat and raped her. According to her own account, Jennifer studied her rapist throughout the incident with great determination to memorize her face. “I studied every detail of the rapist’s face, I looked at his hairline, I looked for scars, tattoos, anything that would help me identify him, when and if he survived (Thompson, 2000). Thompson identified Ronald Cotton as the rapist, and later testified against him at trial. She was sure it was him, no doubt in her mind. It wasn’t until after Mr. Cotton served 11 years in prison for a crime he did not commit, that the conclusive DNA evidence indicated that Bobby Poole was the real rapist, and Cotton was subsequently released from jail. It’s not fair to victims or those accused to have fate of their future decided by a witness’s memory. Occurring only a couple of months ago, the fatal shooting of Maurice Granton was recording using a BWC. Maurice was shot by an officer as he tried to jump over a fence while running from police. The camera footage shows no instance of a weapon, and more importantly, no threat of harm to the police or public. Without the use of the BWC, how would this injustice be proven? 2018 began with the trial of a Baltimore police officer charged with fabricating physical evidence, a misdemeanor, and common law misconduct in office (Gorner, 2018). Jacey Fortin, a freelance journalist for the New York Times, and International Business Times, wrote an article about the conviction. A body camera video taken a year ago appeared to show him planting of a bag of drugs near an arrest scene and staging the discovery. The body cameras used by the Baltimore Police Department begin recording and store the first 30 seconds of video before the camera is manually turned on. Footage shows the officer, Richard A. Pinheiro Jr., placing a bag of white capsules inside a can in an alley (Gorner, 2018). Richard can then be seen walking back to the street, at which point he appears to switch on his body camera and announce that he is going to search the alley (Gorner, 2018). He then surprisingly “finds” the bag he had just placed there. Not only was the use of BWCs imperative to Richard’s conviction, but also the new software being implemented into them. If the camera didn’t automatically begin recording before it was turned on, how much valuable, justifiable information would have been lost? Do you think justice would still be served? There has been a dramatic increase in protest over the use of BWC by the poli>

Is this question part of your assignment?

Place order