You have learned about demand, supply, elasticity, and the
factors that affect demand and supply....

Question

You have learned about demand, supply, elasticity, and the 
factors that affect demand and supply. You will now apply this learning to 
create a demand and supply graph and analyze its determinants.Select any 
one of your favorite products, for instance, food that you like, a video game 
that you play, or a gadget that you use. The product should be a private, and 
not a public, good.

Then, do the following:

Create a demand schedule and a supply schedule for your product.
Using these schedules, draw a demand curve and a supply curve using 
PowerPoint or Excel. Use these to determine the equilibrium price and 
equilibrium quantity for the product.
Analyze five reasons why demand for this product could shift.
Analyze five reasons why supply could shift.
Analyze the conditions that could lead to the following scenarios: a) Demand 
increases, supply decreases; b) Demand decreases, supply increases; c) Demand 
and supply both increase; d) Demand and supply both decrease.
Then, create separate graphs for this product to illustrate how equilibrium 
price and quantity change in the four scenarios mentioned above.
Submit your assignment in a Word document, with graphs 
embedded, to the appropriate dropbox for grading.

Robert · Accepted Answer

Select any one of your favorite products, for instance, food that you like, a video game that you play, or a gadget that you use. The product should be a private, and not a public, good. Then, do the following: 
Create a demand schedule and a supply schedule for your product. Using these schedules, draw a demand curve and a supply curve using PowerPoint or Excel. Use these to determine the equilibrium price and equilibrium quantity for the product. 
Assume the following demand and supply  schedules for ORANGES
Demand: Qd = 100 – 4P
Supply: Qs = 10 + 6P
Equilibrium is where Demand = supply
100-4P = 10+6P
90=10P
P= 9
Q= 100-4*9 =72
	P
	DD
	SS
	0
	100
	10
	1
	96
	16
	2
	92
	22
	3
	88
	28
	4
	84
	34
	5
	80
	40
	6
	76
	46
	7
	72
	52
	8
	68
	58
	9
	64
	64
	10
	60
	70
	11
	56
	76
	12
	52
	82
	13
	48
	88
 The 
Analyze five reasons why demand for this product could shift.

You have learned about demand, supply, elasticity, and the factors that affect demand and supply. You will now apply this learning to create a demand and supply graph and analyze its...

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