SOLUTION: ECON New York University Natural Log of Monthly Wages Econometrics Discussion

BUSN 230 Regent Demand and Supply Curves

Week 2 Assignment:INSTRUCTIONS (Questions need to be worked on MS Excel. Remember, price goes on the y-axis and quantity on the x-axis. Students need to show calculations and how answers were derived for a chance at full credit. Use of Excel formulas are highly encouragedMicrosoft collected information on the demand and supply for the mp3 player Zune in New York where the quantities of PlayStation are measured in thousands. PriceQdQs$14432 16$1542820$1842222$2241328$282744a) Graph the demand and supply curve for Zune. Show the equilibrium price and quantity on the graph? What are the equilibrium price and equilibrium quantity? Remember, price goes on the y-axis and quantity on the x-axis.b) Does this table follow the law of demand and supply? Explain.c) Add another column and show the surplus and shortage numbers of Zune at all prices2. Consider the supply and demand schedules below to answer the questions that follow: (a)Graph the demand and supply curveand show the equilibrium price, equilibrium quantity demanded, and quantity supplied be?(b) If price were $2, what would happen? (Discuss in terms of adjustment to equilibrium from the graph you provided.)(c) If price were $7, what would happen? (Discuss in terms of adjustment to equilibrium from the graph you provided.)(d) If price were $5, what would happen? (Discuss in terms of adjustment to equilibrium from the graph you provided.)3. The table below shows the quantity demanded and quantity supplied of DVDs at each price level. (a) Fill out the column entitled Surplus/Shortage. Show how the answers are derived using Excel formulas.(b)Graph the demand and supply curveand show the equilibrium price, equilibrium quantity demanded, and quantity supplied be?(c) Suppose that consumers’ taste changed in favor of DVDs due to their high quality. What happens at the original equilibrium price level calculated in Part (a)? Use the graph you created to assist with your answers.(d) Suppose that advances in technology reduced the production cost of DVD players. What happens at the original equilibrium price level calculated in Part (a)? Use the graph you created to assist with your answersReferencesThe links below helps in creating a demand and supply graph for this assignment.https://www.reference.com/technology/graph-supply-demand-curve-excel-755ed0bcee7f3807https://www.youtube.com/watch?v=pSsFUUMojxchttp://www.sussex.ac.uk/its/help/faq?faqid=2227https://www.excel-easy.com/introduction/formulas-functions.html.

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