M1 Assignment 3 Submission Instructions 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 $18400010,000 1650009500 1460009000 1270008500 1080008000 990007500 8100007000 7110006500 6120006000 5130005500 4140005000 2150004500 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 Tutorialslink at the top of the page.) In your MS Word document, below your imported graph, respond to the following: 1. Explain how the Laws of Supply and Demand are illustrated in this graph. 2. Describe the equilibrium price and quantity in this market. 3. Assume that the government imposes a price floor of $12 in the E-Book market. Explain what would happen in this market. 4. Assume that the price floor is removed and a price ceiling is imposed at $6. Explain what would happen in this market. 5. Now, assume that the price of E-Readers (used with E-Books) drops from $60 by fifty percent. How would this change impact the demand for E-Books? Explain your answer. Then, reconstruct your original graph to show this change and place it in your MS Word document below your explanation. Remember, quotations, paraphrases, and ideas you get from books, articles, or other sources of information should be cited using APA style.
M1 Assignment 3 Submission
Instructions
Assignment 3:
The use of E-Books has increased in recent years, especially with the advent of mobile E-Readers. A
Price/E-Book
Quantity Demanded
Quantity Supplied
$18400010,000
1650009500
1460009000
1270008500
1080008000
990007500
8100007000
7110006500
6120006000
5130005500
4140005000
2150004500
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 Tutorialslink at the top of the page.)
In your MS Word document, below your imported graph, respond to the following:
1. Explain how the Laws of Supply and Demand are illustrated in this graph.
2. Describe the
3. Assume that the government imposes a
4. Assume that the price floor is removed and a
5. Now, assume that the price of E-Readers (used with E-Books) drops from $60 by fifty percent. How would this change impact the demand for E-Books? Explain your answer. Then, reconstruct your original graph to show this change and place it in your MS Word document below your explanation.
Remember, quotations, paraphrases, and ideas you get from books, articles, or other sources of information should be cited using APA style.
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