...ECO 202 M1 Assignment 3: Demand and Supply https://homeworklance.com/downloads/eco-202-m1-assignment-3-demand-and-supply/ Assignment 3: Demand and Supply The use of E-Books has increased in recent years, especially with the advent of mobile E-Readers. A marketing research firm recently developed the following supply and demand schedules for E-books: Price/E-Book Quantity Demanded Quantity Supplied $18 4000 10,000 16 5000 9500 14 6000 9000 12 7000 8500 10 8000 8000 9 9000 7500 8 10000 7000 7 11000 6500 6 12000 6000 5 13000 5500 4 14000 5000 2 15000 4500 Assignment Guidelines: Using Microsoft (MS) Excel, construct a graph showing supply and demand in the E-Book market based on the data above. (Save this file because you will re-work it later in the assignment.) When finished, copy and paste or import your graph into an MS Word document. (Tutorials for working with MS Excel and MS Word can be found through the Tutoring Services and Tutorials link at the top of the page.) In your MS Word document, below your imported graph, respond to the following: 1. Explain how theLaws of Supply and Demand are illustrated in this graph. 2. Describe theequilibrium price and quantity in this market. 3. Assume that the government imposes aprice floor of $12 in the E-Book market. Explain what would happen in this market. 4. Assume that the price floor is removed and aprice ceiling is imposed at $6. Explain what would happen in this market. 5. Now, assume that the price...
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... Assignment Details Assignment Description Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time. In economics, they say a picture is worth a thousand words. Below, you will find two scenarios. Your assignment is to discuss the situation by writing the solutions, and then show the solutions and how you got here in one or more graphs or flowcharts. Scenario One Supply and demand are foundational concepts in understanding economic theory. Whether you are a coffee drinker or not, you have been tasked to examine the impact of supply and demand when dealing with the coffee retail industry. A few companies probably come to mind. Pick a major coffee retailer, and then contemplate what has been happening to both the supply and demand for this product. Next, analyze the following scenario that deals with what happened in the coffee industry at the beginning of the last decade: In the early part of the last decade, there was an overproduction of coffee. The price dropped so low that producers' costs were higher than the market price. The reason this happened was that market prices became high before this, and the supply of coffee increased substantially. In the meantime, demand for coffee and everything else remained the same. Coffee prices, as a supply input...
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... Assignment Details Assignment Description Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time. In economics, they say a picture is worth a thousand words. Below, you will find two scenarios. Your assignment is to discuss the situation by writing the solutions, and then show the solutions and how you got here in one or more graphs or flowcharts. Scenario One Supply and demand are foundational concepts in understanding economic theory. Whether you are a coffee drinker or not, you have been tasked to examine the impact of supply and demand when dealing with the coffee retail industry. A few companies probably come to mind. Pick a major coffee retailer, and then contemplate what has been happening to both the supply and demand for this product. Next, analyze the following scenario that deals with what happened in the coffee industry at the beginning of the last decade: In the early part of the last decade, there was an overproduction of coffee. The price dropped so low that producers' costs were higher than the market price. The reason this happened was that market prices became high before this, and the supply of coffee increased substantially. In the meantime, demand for coffee and everything else remained the same. Coffee prices, as a supply input...
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...3/30/2016 Expertly Written Sample Assignment on Demand and Supply Concept Order Now Login/Signup Search for Question, Subject, Course Name SERVICES » Free Samples » Demand and Supply of Certain Resources in Australia and Factors Other Than Price Which Affect Demand and Supply Demand and Supply of Certain Resources in Australia and Factors Other Than Price Which Affect Demand and Supply Question- How Demand and supply of certain resources in Australia and factors other than price which affect demand and supply? Contents Introduction Mechanism of Demand and Supply Analysis of demand and supply of certain resources of Australian Market: Conclusion Refrences Introduction Demand and supply are two important tools of micro economic analysis. Demand refers to how much quantity of a product is desired and purchased by a buyer at a given pricehttps://myassignmenthelp.com/freesamples/demandandsupplyofcertainresourcesinaustraliaandfactorsotherthanpricewhichaffectdemandand… 1/6 3/30/2016 Expertly Written Sample Assignment on Demand and Supply Concept level, where supply of a product represents how much quantity of a product that a market can offer at a given price-level. Demand and supply of a product depends on different factors. Demand of a product (suppose, X) depends on the price of that product (PX), price of the related commodities, consumers’ income, population or number of consumer, test and preferences of consumers...
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...which supplies of goods that are held at various locations are to be distributed to other receiving locations. – The solution of a transportation problem will indicate to a manager the quantities and costs of various routes and the resulting minimum cost. – Used to compare location alternatives in deciding where to locate factories and warehouses to achieve the minimum cost distribution configuration. – Some of the examples are: Shipment from factories to warehouses, Shipment between departments within a company, Shipment from warehouses to retailers 2 Formulating the Model • A transportation problem – Typically involves a set of sending locations, which are referred to as origins, and a set of receiving locations, which are referred to as destinations. – To develop a model of a transportation problem, it is necessary to have the following information: 1. Supply quantity (capacity) of each origin. 2. Demand quantity of each destination. 3. Unit transportation cost for each origin-destination route. 3 Transportation Model Example Harley’s Sand and Gravel Ltd. (Top soil Shipment) Problem: How many tons of Top soil to transport from each location (Farms) to each Project sites on a monthly basis in order to minimize the total cost of transportation ? Top soil can be supplied from 3 different locations Location Monthly Supply (in Tons) Farm A 100 Form B 200 Form C 200 Demand for each project sites is given below Project Monthly Demand (in Tons) 1 50 2 150 3 300...
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...Microeconomics and the Laws of Supply and Demand To purchase this visit here: http://mindsblow.us/question_des/MicroeconomicsandtheLawsofSupplyandDemand/2779 Contact us at: help@mindblows.us Complete one of the following options: Option 1: Complete the Supply and Demand Simulation. Write a 1,050- to 1,400-word paper summarizing the content of the simulation and address the following: Identify two microeconomics and two macroeconomics principles or concepts from the simulation/video. Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics. Identify at least one shift of the supply curve and one shift of the demand curve in the simulation/video. Explain what causes the shifts, and how each shift affects the price, quantity, and decision making. Include responses to the following: How might you apply what you learned about supply and demand from the simulation/video to your workplace or your understanding of a real-world product with which you are familiar? How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity? How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity? How does the price elasticity of demand affect a consumer's purchasing and the firm's pricing strategy as it relates to the simulation/video? Cite a minimum of 3 peer reviewed sources...
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...tools of microeconomics and macroeconomics issues such as price determination, supply and demand, consumer behavior, costs of production and market structures growth, inflation, unemployment, interest rates, exchange rates, technological progress, budget and trade deficits. The course will provide a unified framework to address these issues and to study the impact of different policies, such as monetary and fiscal policies, on the aggregate behavior of individuals. Evaluation of Student Performance: | Weightage in grade | Hourlies | 30% (15% of each hourly) | Final exam | 30% | Assignments/presentations/quizzes | 25% | Class Participation | 15% | Total | 100 | Description of each component: * The term exams (hourlies) and final exam will be conducted as per the rules set by IBA. There will be no makeup exams, unless instructed. All IBA rules of examination apply to undertaking the exam * Assignments will be split in class assignments and home assignments. Class assignments must be handed over to the instructor at the end of the class (unless otherwise). Home assignments must be submitted on the LMS before the start of the class. No late submissions in the case of home assignment is allowed, under any circumstances. * At the start of the 3rd class, all students must have formed groups of 3. They must inform the TA about their group. The students will submit all group assignments in the group formed. If you change your group under any...
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...Module B Transportation and Assignment Solution Methods B-1 B-2 Module B Transportation and Assignment Solution Methods Solution of the Transportation Model The following example was used in Chapter 6 of the text to demonstrate the formulation of the transportation model. Wheat is harvested in the Midwest and stored in grain elevators in three different cities—Kansas City, Omaha, and Des Moines. These grain elevators supply three flour mills, located in Chicago, St. Louis, and Cincinnati. Grain is shipped to the mills in railroad cars, each of which is capable of holding one ton of wheat. Each grain elevator is able to supply the following number of tons (i.e., railroad cars) of wheat to the mills on a monthly basis: Grain Elevator 1. Kansas City 2. Omaha 3. Des Moines Total Supply 150 175 275 600 tons Each mill demands the following number of tons of wheat per month. Mill A. Chicago B. St. Louis C. Cincinnati Total Demand 200 100 300 600 tons The cost of transporting one ton of wheat from each grain elevator (source) to each mill (destination) differs according to the distance and rail system. These costs are shown in the following table. For example, the cost of shipping one ton of wheat from the grain elevator at Omaha to the mill at Chicago is $7. Mill Grain Elevator 1. Kansas City 2. Omaha 3. Des Moines A. Chicago $6 7 4 B. St. Louis $ 8 11 5 C. Cincinnati $10 11 12 The problem is to determine how many tons of wheat to transport from each...
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...economic aspects of international trade. Discusses the labor market, interest rates and the supply of money, and performance of a national economy. Examines the use of economics in business decisions, considering such principles as opportunity costs, diminishing returns, and the marginal principle. INSTRUCTIONAL MATERIALS Required Resources O'Sullivan, A., Sheffrin, S., & Perez, S. (2012). Survey of economics: Principles, applications, and tools (5th ed.). Upper Saddle River, NJ: Pearson-Prentice Hall. MyEconLab book key Note: This book key comes with the purchase of a new textbook and is needed in order to access MyEconLab. Supplemental Resources Aaronson, D., Mazumder, B., & Schechter, S. (2010). What is behind the rise in long-term unemployment? Economic Perspectives, 34(3/4), 28-51. Andreyeva, T., Long, M. W., & Brownell, K. D. (2010). The Impact of Food Prices on Consumption: A Systematic Review of Research on the Price Elasticity of Demand for Food. American Journal of Public Health, 100(2), 216-22 Heyne, P., Boettke, P. J., & Prychitko, D. L. (2010). The economic way of thinking. (12th ed.). Upper Saddle River: Pearson-Prentice Hall. High, J. (2011). Economic Theory and the Rise of Big Business in America, 1870-1910. Business History Review, 85(1), 85-112. Luojia, H., & Toussaint-Comeau, M. (2010). Do labor market activities help predict inflation? Economic Perspectives, 34(3/4), 52-63. COURSE LEARNING OUTCOMES 1. Apply the underlying principles of economics and...
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...B Transportation and Assignment Solution Methods B-1 B-2 Module B Transportation and Assignment Solution Methods Solution of the Transportation Model The following example was used in chapter 6 of the text to demonstrate the formulation of the transportation model. Wheat is harvested in the Midwest and stored in grain elevators in three different cities—Kansas City, Omaha, and Des Moines. These grain elevators supply three flour mills, located in Chicago, St. Louis, and Cincinnati. Grain is shipped to the mills in railroad cars, each car capable of holding one ton of wheat. Each grain elevator is able to supply the following number of tons (i.e., railroad cars) of wheat to the mills on a monthly basis. Grain Elevator 1. Kansas City 2. Omaha 3. Des Moines Total Supply 150 175 275 600 tons Each mill demands the following number of tons of wheat per month. Mill A. Chicago B. St. Louis C. Cincinnati Total Demand 200 100 300 600 tons The cost of transporting one ton of wheat from each grain elevator (source) to each mill (destination) differs according to the distance and rail system. These costs are shown in the following table. For example, the cost of shipping one ton of wheat from the grain elevator at Omaha to the mill at Chicago is $7. Mill Grain Elevator A. Chicago B. St. Louis C. Cincinnati 1. Kansas City 2. Omaha 3. Des Moines $6 7 4 $ 8 11 5 $10 11 12 The problem is to determine how...
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...Assignment 1: Demand Estimation Due Week 3 and worth 200 points Imagine that you work for the maker of a leading brand of low-calorie, frozen microwavable food that estimates the following demand equation for its product using data from 26 supermarkets around the country for the month of April. For a refresher on independent and dependent variables, please go to Sophia’s Website and review the Independent and Dependent Variables tutorial, located at http://www.sophia.org/tutorials/independent-and-dependent-variables--3. Option 1 Note: The following is a regression equation. Standard errors are in parentheses for the demand for widgets. QD = - 5200 - 42P + 20PX + 5.2I + 0.20A + 0.25M (2.002) (17.5) (6.2) (2.5) (0.09) (0.21) R2 = 0.55 n = 26 F = 4.88 Your supervisor has asked you to compute the elasticities for each independent variable. Assume the following values for the independent variables: Q = Quantity demanded of 3-pack units P (in cents) = Price of the product = 500 cents per 3-pack unit PX (in cents) = Price of leading competitor’s product = 600 cents per 3-pack unit I (in dollars) = Per capita income of the standard metropolitan statistical area (SMSA) in which the supermarkets are located = $5,500 A (in dollars) = Monthly advertising expenditures = $10,000 M = Number of microwave ovens sold in the SMSA in...
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...Assignment 1 Economics for Management – GSB728 Due on: 07/06/2010 University of New England Victor M. Ayala Lancheros Student # 220070594 Word Count: 1,152 Economics for Management – GSB728 PART 1 Question # 1 Demand for Bus Services: D1 = 3,500 – 350P1 + 25P2 + 2Y Supply for Bus Services: S1 = 100P1 The market equilibrium point is obtained where S1 = D1 therefore, 100P1 = 3,500 – 350P1 + 25P2 + 2Y Substituting for Price of Taxi trips (P2 = $1,000) and Income (Y=$50,000), then: 450P1 = 3,500 + 25(1,000) + 2(50,000) P1= $285.55 per Bus Trip (Equilibrium Price). Question # 2 In order to find the equilibrium quantity, the Price per Bus Trip obtained above (P1 = $285.55) is plugged into either the Demand (D1) or Supply (S1) equations so that: D1 = 3,500 – 350P1 + 25P2 + 2Y D1 = 3,500 – 350(285.55) + 25(1,000) + 2(50,000) D1 = 28,555 Bus Trips per year (Equilibrium Quantity). Or Alternatively: S1 = 100P1 S1 = 100(285.55) = 28,555 Bus Trips per Year (Equilibrium Quantity). To illustrate the results in questions 1 and 2, a schedule for the Supply (S1) and Demand (D1) functions is provided below. As shown on the Assignment 1 Page 2 of 9 Economics for Management – GSB728 schedule, the market equilibrium is reached where supply and demand intersect and the market clears. P1 (Dollars per Trip) D1 (Trips per Year) S1 (Trips per year) 0 128,500 0 50 111,000 5,000 100 93,500 10,000 150 76,000 15,000 200 58,500 20,000 250 41,000 25,000 285.55 28,555 28,555 300 23,500 30,000 350...
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...Assignment 1: Principles of Economics Due Week 4 and worth 200 points Write a three to four (3-4) page paper in which you: 1.Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis. 2.Analyze how prescription drugs affect the demand and supply of other products and services in this country. 3.Formulate a reason why the elasticity of demand is an important consideration when analyzing the impact of a shift in supply and why the elasticity of supply is an important consideration when analyzing the impact of a shift in demand. Include at least one (1) example in each scenario. 4.Provide two (2) examples of increasing-cost industries in your state and propose why they would have a positively sloped supply curve. 5.Suggest how, under certain conditions, a perfectly competitive market is economically efficient. 6.Use at least three (3) quality resources in this assignment. Your assignment must follow these formatting requirements: •Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. •Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page...
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...Module 2 - Case SUPPLY AND DEMAND Assignment Click Link Below To Buy: http://hwaid.com/shop/module-2-case-supply-and-demand-assignment/ Module 2 - Case SUPPLY AND DEMAND Case Assignment Write a 4- to 5-page essay that addresses the following FOUR questions on the market for milk. (For this Case, keep it simple; don't worry about different brands, etc.) 1. Explain what happens to price and quantity of milk when the following events occur (you do notneed to analyze the event itself but rather determine the effect of the event on supply and demand of milk): a. A scientific study shows that consumption of milk is beneficial for healthy bones. b. There is an outbreak of mad cow disease. c. The price of almond milk decreases. d. In order to promote healthy families, a price ceiling on milk is implemented. 2. Suppose Johnny drinks 4 cups of milk every day no matter what the price. What kind of elasticity does it have? 3. Suppose that when the price of milk increases by 40%, the percentage change in quantity demanded by consumer is reduced by 10%. Calculate the elasticity. 4. Based on your answer to Question 3, What happens to total revenue when the price of milk is increased. Why? Some helpful suggestions on completing the assignment: For each event, you must specify how it effects either demand, quantity demanded, supply, or quantity supplied. It is also important to demonstrate how the change will affect the market demand or supply curve. Also, be sure to state...
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...MANAGERIAL ECONOMICS ASSIGNMENT Table of Contents Assignment Question no: 1 3 Assignment Question no: 2 5 Assignment Question no: 3 7 Assignment Question no: 4 9 Assignment Question no: 5 11 Assignment Question no: 6 13 Assignment Question no: 7 16 Assignment Question no: 8 19 Reference 22 Assignment Question no: 1 a) Explain the concept behind the production possibilities frontier. The production possibilities frontier (PPF) or "production possibilities curve” shows a combination of two goods and services that can be produced with the full available factors of production and technology (Arnold, 2010). The production possibility curve is represented in the below diagram. Figure-1 Production Possibility Frontier * In the above diagram which indicates that at the production at point X the output of Product A is A2 and output of Product B is B2. * If suppose the product B is increased from B2 to B1 the product A will decrease. * In the production possibilities frontier W indicates that the resources are not fully utilized efficiently. * In the production possibilities frontier Z indicates that the additional resources are required to product at a point beyond or outside the curve. b) c) Analyze what it means for the PPF to be bowed out from the origin (curved), and what it means for the PPF to be a straight line According to Riley (2012) Production Possibility Frontier is in a straight line as the opportunity...
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