please answer the
following Supply and Demand for Computers:
Scenario
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
1 Using Microsoft Excel, draw a graph
illustrating the supply and demand in this market. (10 Pts)
2 What is the equilibrium Price and Quantity in
the market? (10 pts)
3 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. A tax on suppliers shifts the supply curve
by the amount of the tax. (20 Pts)
4 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 gauging by the sellers. What would happen to
the price and quantity in this market? (20 Pts)
5 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? (20 Pts)
If consumers’ expectations
were such that they were concerned about the economy and jobs, what would you
think would happen in this market? (20 pts)
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